Title
USDJPY, H4 | Key levels to watch out for
Type
Neutral
Preference:
We’re seeing price rise nicely within our ascending wedge with the first intermediate resistance at 136.77 which is a 38.2% Fibonacci retracement. If it breaks this level, then the 1st resistance is at 137.74 which is a strong overlap resistance.
In terms of support, we can see an overlap support at 134.87 which is our 1st support. Breaking that could trigger a drop to 2nd support at 132.81.
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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.