Title
DJPY H4 | Potential bounce off from key support
Type
Bullish Bounce
Preference:
Price is currently testing our pivot at 131.139, whichDJPY H4 | Potential bounce off from key support retracement and is also an overlap support. If the price were to bounce off from this level, it could potentially push up towards 1st resistance at 133.881, which is a swing high resistance.
Alternative scenario:
On the other hand, if the price were to break below the pivot, it could potentially drop to 1st support at 129.707, which is a recent swing low support.
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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.