Title
USDJPY H1 | Bearish reversal off overlap resistance
Type
Bearish reversal
Preference:
The price is reacting off the pivot at 156.62, an overlap resistance that is slightly above the 38.2% Fibonacci retracement A reversal at this level could lead the price toward the support at 156.17, a pullback support.
Alternative Scenario:
If the price breaks above the pivot, it could rise toward the 1st resistance at 156.99, a pullback resistance that is slightly below the 78.6% Fibonacci retracement.
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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.