Title
USDJPY H4 I Bullish Bounce off Overlap Support?
Type
Bullish Bounce
Preference:
The price could fall toward the pivot level at 149.97, an overlap support that aligns with a confluence of Fibonacci levels i.e. the 23.6% and 38.2% retracements. A bullish bounce off this level could lead the price toward the 1st Resistance at 151.35, a pullback resistance that aligns with a close to the 61.8% Fibonacci retracement.
Alternative Scenario:
If price breaks below the pivot, it could fall toward the 1st Support at 149.41, a pullback support that aligns with a confluence of Fibonacci levels i.e. the 38.2% and 61.8% retracements.
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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.