Title
USDJPY H4 I Falling to a pullback support
Type
Bearish Reversal
Preference:
Price is rising toward the pivot point of 149.49, which aligns with a 61.8 % Projection + 161.8% Extension. A reverse from this level could lead the price to fall to 1st support at 148.83, a pullback support level.
Alternative scenario:
If price breaks above the pivot, it could rise to 1st resistance at 150.06, above the swing high
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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.