Title
USDJPY H4 | React off resistance level
Type
Bearish Reversal
Preference:
Price is currently at our pivot point at135.658 which is a pullback resistance level that lines up with 78.6% Fibonacci retracement. A reverse from here price could drop to 1st support at 135.96
Alternative scenario:
However, if price were to break above the pivot, it could rally to 1st resistance at 137.02 which is an overlap 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.