Title
GBPJPY H4 | Bullish bounce off pivot?
Type
Bullish Bounce
Preference:
Price is falling to our pivot point at 184.25, which is a pullback support level. If price bounces off the pivot point, then price could potentially rise towards the 1st resistance at 185.57, which is an overlap resistance level.
Alternative scenario:
If price breaks below the pivot point, then we can expect price to fall towards the 1st support at 183.15, which is a swing low support level.
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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.