Title
USDJPY M30 I Bearish Continuation
Type
Bearish Reversal
Preference:
Wait for price to pullback to the pivot level of 153.58, A reversal from this level could cause the price to fall to 1st support at 153.06, a pullback support close to the 50% Fibonacci retracement.
Alternative Scenario:
If the price breaks above the pivot, it may rise to 1st resistance at 153.91, an overlap resistance.
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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.