USDJPY H4 | Bearish reversal off key resistance
Title
USDJPY H4 | Bearish reversal off key resistance
Type
Bearish reversal
Preference
The price is rising towards the pivot at 157.29, an overlap resistance that aligns with the 100% Fibonacci projection. A reversal from this level could lead the price toward the 1st support at 155.41, an overlap support.
Alternative Scenario
If the price breaks above the pivot, it could rise toward the 1st resistance at 159.35, which acts as a swing high resistance that is slightly above the 127.2% Fibonacci 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.