Title
USDJPY H4 | React off 1st resistance
Type
Bearish Reversal
Preference:
Price is nearing our pivot point at 137.756 which is swing high resistance that lines up with -61.8% Fibonacci expansion. A reverse from here, price could drop to 1st support at 136.793 which is a pullback support level.
Alternative scenario:
However, If price were to break above, it could rally to 1st resistance at 139.3 which is high resistance 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.