Title
USDJPY M30 I Potential bearish continuation
Type
Bearish drop
Preference:
The price is rising towards the pivot at 156.60, an overlap resistance level that aligns with the 23.6% Fibonacci retracement. A reversal at this level could lead the price toward the 1st resistance at 157.14, a pullback resistance that is slightly above the 50% Fibonacci retracement..
Alternative Scenario:
If the price breaks below the pivot, it could fall toward the 1st support at 155.70, a pullback support that is slightly below the 50% 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.