Title

USDJPY H4  | Bullish Bounce

Type

Beaullish Bounce

Preference:

The price is falling from the pivot level of 147.16, which acts as a pullback support close to the 61.80% Fibonacci retracement. A bounce from this level might cause the price to rise to the 1st resistance level at 149.43, an overlap resistance close to the 127.20% Fibonacci extension

Alternative Scenario:

If the price breaks below the pivot, it may fall to the 1st support level at 145.81, which acts as an overlap support level.