Title
EURJPY H4 | Potential bearish breakout
Type
Bearish Breakout
Preference:
Price could break out of the pivot at 156.481, overlap support, and fall to the 1st support level at 155.606, a pullback resistance, which also aligns with the 61.8% Fibonacci retracement.
Alternative scenario:
Price could potentially bounce off the overlap support at 156.481 and rise to the 1st resistance level at 158.178, the swing-high 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.