Title
EURJPY H4 | Bearish reaction off 61.8% fibo?
Type
Bearish Reversal
Preference:
Price is rising towards the pivot point at 157.9, which is a pullback resistance level, aligning with the 61.8% fibo retracement. If price closes below our pivot point, then we can expect price to fall to the 1st support at 157.23, which is a multi-swing low support level.
Alternative scenario:
If price breaks above the pivot point, then price could rise towards the 1st resistance at 158.44, which is a multi-swing high resistance level and aligning with the 50% fibo 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.