Title
EURJPY H4 | Bearish reaction off 38.2% fibo?
Type
Bearish Reversal
Preference:
Price is rising towards our pivot point at 162.36, which is an overlap resistance, aligning with the 38.2% fibo retracement. If price reacts bearishly, then we can expect price to fall to the 1st support at 161.26, which is a swing low support level.
Alternative scenario:
If price breaks above the pivot point, then we can expect price to rise towards the 1st resistance at 163.23, which is an overlap resistance too, aligning with the 61.8% fibo 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.