Title
USDJPY H1 | Falling to 1st support
Type
Bullish Bounce
Preference:
Price is falling to our pivot at 133.6375 which is swing low support level that lines up with 50% Fibonacci retracement. A bounce off from here price could rally to 1st resistance at 134.469 which is swing high resistance level that lines up with 61.8% Fibonacci retracement.
Alternative scenario:
However, If it breaks below, it could drop to 1st support at 132.773
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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.