Title
USDJPY H4 | Bullish Bounce
Type
Bearish Breakout
Preference:
Price has broken the multi-swing resistance. Wait for the price to pullback at the pivot point at 150.82. A bounce off the pivot, could rise to 1st resistance at 152.00, which aligns with the 127.2% Fibo extension.
Alternative scenario:
If price breaks below the pivot, it could fall to 1st support at 149.58 a pullback support
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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.