EURJPY H1 | Bearish reversal off key resistance
Title
EURJPY H1 | Bearish reversal off key resistance
Type
Bearish reversal
Preference
The price is rising toward the pivot at 183.70, which is an overlap resistance that aligns with the 50% Fibonacci retracement. A reversal from this level could lead the price toward the 1st support at 183.19, an overlap support.
Alternative Scenario
If the price breaks above the pivot, it could rise to the 1st resistance at 184.23, which is a pullback resistance.
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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.