USDJPY H4 | Heading towards 50% Fib resistance
Title
USDJPY H4 | Heading towards 50% Fib resistance
Type
Bearish reversal
Preference
The price is rising towards the pivot at 155.61, a pullback resistance that aligns with the 50% Fibonacci retracement. A reversal at this level could lead the price toward the 1st support at 153.66, an overlap support.
Alternative Scenario
If the price breaks above the pivot, it could rise toward the 1stresistance at 157.15, which is a pullback resistance.
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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.