Price broke below the ascending trendline support showing a bearish momentum however, we are expecting price to have a short-term bullish bias towards the 1st Resistance in line with the 78.6% Fibonacci retracement and 78.6% Fibonacci projection. We are a
Title
USDJPY Is Closing Near A Pivot, Potential For Rebound
Type
Bullish Bounce
Pivot: 109.198
Support: 108.721
Resistance: 109.643
Preference:
USDJPY is on a bearish momentum and dipping close to our pivot at 109.198 in line with 127.2% Fibonacci extension. Price can potentially rebound to our 1st resistance at 109.643 in line with our 61.8% Fibonacci extension.
Alternative Scenario:
If Price Breaks Through The Pivot, It Can Potential Dip Further To Our 1st Support At 108.721, Which Is A Graphical Swing Low.
Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% and 72% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Futures and Options: Trading futures and options on margin carries a high degree of risk and may result in losses exceeding your initial investment. These products are not suitable for all investors. Ensure you fully understand the risks and take appropriate care to manage your risk.
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.