USDJPY H4 | Heading towards Fib resistance
Title:
USDJPY H4 | Heading towards Fib resistance
Type:
Bearish reversal
Preference:
The price is rising toward the pivot at 160.62, which is an overlap resistance that aligns with the 145% Fibonacci extension and slightly below the 61.8% Fibonacci projection. A reversal from this level could lead the price toward the 1st support at 159.05, a pullback support.
Alternative Scenario:
If the price breaks above the pivot, it could rise to the 1st resistance at 162.70, a pullback resistance that aligns with the 100% Fibonacci projection.
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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.