Title
USDJPY M15 I Bullish Bounce?
Type
Bullish Reversal
Preference:
The price is falling toward the pivot level of 157.31, an overlap support close to the 38.2% Fibonacci retracement. A reversal from this level could cause the price to rise to 1st resistance at 157.89, an overlap resistance.
Alternative Scenario:
If the price breaks below the pivot, it may fall to 1st support at 156.78, a pullback support that aligns with the 61.8% Fibonacci retracement.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.