Title
USDJPY H4 | Bullish bounce off pullback support
Type
Bullish bounce
Preference
The price is falling towards the pivot at 157.56, a pullback support that is slightly below the 61.8% Fibonacci projection. A bounce from this level could lead the price toward the 1st resistance at 159.36, a pullback resistance.
Alternative Scenario
If the price breaks below the pivot, it could fall toward the 1st support at 156.71, which is a pullback support that is slightly below the 78.6% Fibonacci 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.