USDJPY M30 | Bearish reversal off pullback resistance
Title
USDJPY M30 | Bearish reversal off pullback resistance
Type
Bearish reversal
Preference
The price is rising towards the pivot at 156.46, a pullback resistance that is slightly above the 38.2% Fibonacci retracement. A reversal at this level could lead the price toward the 1st support at 15.653, an overlap support.
Alternative Scenario
If the price breaks above the pivot, it could rise toward the 1st resistance at 157.08, which is 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.