Title
USDJPY H4 I Bullish bounce off
Type
Bullish bounce
Preference:
The price has bounced off the pivot at 154.93, which is a pullback support that is slightly above the 61.8% Fibonacci projection. A rise from this level could lead the price toward the 1st resistance at 155.81, an overlap resistance.
Alternative Scenario
If the price breaks below the pivot, it could fall to the 1st support at 154.52, which is a multi swing low support that is slightly above the 127.2% Fibonacci extension.
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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.