USDJPY H1 | Bullish reversal off overlap support
Title
USDJPY H1 | Bullish reversal off overlap support
Type
Bullish bounce
Preference
The price is falling towards the pivot at 153.83, an overlap support that aligns with the 78.6% Fibonacci retracement. A bounce from this level could lead the price toward the 1st resistance at 155.29, an overlap resitance.
Alternative Scenario
If the price breaks below the pivot, it could fall toward the 1st support at 152.96, which acts as an overlap support.
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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.