Title
USDJPY H4 I Approaching a Swing-high Resistance
Type
Bearish Reversal
Preference:
The price is rising toward the Pivot at 147.03, a swing-high resistance. A bearish reversal off this level could lead the price toward the 1st Support at 145.85, an overlap support that aligns with the 50% Fibonacci retracement.
Alternative Scenario:
If the price breaks above the pivot, it could rise toward the 1st Resistance at 147.60, a swing-high resistance that aligns with the 127.2% Fibonacci 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.