Title
EURJPY H1 | Rising from the 78.6% Fibo?
Type
Bullish Reversal
Preference:
Price is approaching the pivot level at 156.72, a pullback support close to the 78.6 Fibonacci retracement. A reversal from this level could lead the price to rise toward 1st resistance at 157.95, an overlap resistance
Alternative Scenario:
If price breaks below the pivot, it could fall toward 1st support at 155.51, a 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.