Title
USDJPY H4 | Potential Bullish Reversal
Type
Bullish Breakout
Preference:
The price could bounce off from our pivot at 132.874, if the price were to reverse from here, it could push up to our 1st resistance at 135.116 along with a 50% Fibonacci retracement.
Alternative scenario:
On the other hand, if the price were to break below the pivot, it could drop to 1st support level of 131.312 which is slightly below the 61.8% 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.