Title
EURJPY H4 | Bounced off 78.6% Fibonacci level
Type
Bullish Bounce
Preference:
The EURJPY has bounced off the pivot point at 156.166, which is the 78.6% Fibonacci retracement level. The price could rise to the 1st resistance at 158.317, the swing-high resistance.
Alternative scenario:
The price could pull back and break the pivot point at 156.166, which is the 78.6% Fibonacci retracement level, then fall to the 1st support level at 155.363, a pullback 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.