Title
USDJPY H1 I Bearish reversal off 61.8% Fibonacci resistance
Type
Bearish reversal
Preference:
The price is rising towards the pivot at 156.91, which is a pullback resistance that aligns with the 61.8% Fibonacci retracement. A reversal from this level could lead the price toward the 1st support at 155.93, an overlap support.
Alternative Scenario
If the price breaks above the pivot, it could rise to the 1st resistance at 157.70, which is a swing high 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.