Title
NZDJPY H4 I Bearish reversal off major resistance
Type
Bearish reversal
Preference:
The price is reacting off the pivot at 87.58, an overlap resistance that is slightly above the 38.2% Fibonacci retracement. A reversal at this level could lead the price toward the 1st support at 86.76, a swing low support.
Alternative Scenario:
If the price breaks above the pivot, it could rise toward the 1st resistance at 88.09, a pullback resistance that aligns with the 78.6% 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.