EURJPY H4 | Bullish bounce off key support
Title
EURJPY H4 | Bullish bounce off key support
Type
Bullish bounce
Preference
The price is falling towards the pivot at 183.13, an overlap support that aligns with the 61.8% and the 38.2% Fibonacci retracement. A bounce from this level could lead the price toward the 1st resistance at 184.65, an overlap resistance.
Alternative Scenario
If the price breaks below the pivot, it could fall toward the 1st support at 182.23, which acts as an overlap support that lines up with the 61.8% 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.