Title
USDJPY H4 | Reacting off resistance level?
Type
Bearish Reversal
Preference:
Price has just reacted off our pivot point 148.392, a multi-swing high resistance level. A reversal from this point could lead the price to drop to the 1st support at 147.886, a pullback support level.
Alternative scenario:
However, if the price breaks above the pivot, it might rise to the 1st resistance at 148.68, which is above the 127.2% Fibo extension
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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.