Title
EURJPY H1 I Falling toward a Pullback Support
Type
Bullish Bounce
Preference:
The price is falling toward the pivot level at 165.28, a pullback support. A bullish bounce off this level could lead the price toward the 1st resistance at 166.37, a swing-high resistance.
Alternative Scenario:
If the price breaks below the pivot, it could fall toward the 1st support at 164.65, an overlap support that aligns with a confluence of Fibonacci levels i.e. the 50% retracement and the 161.8% 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.