Title

USDJPY H4  | Bullish Bounce

Type

Bullish Bounce

Preference:

The price is falling from the pivot level of 147.10, which acts as a pullback support close to the 23.60% Fibonacci retracement. A bounce from this level might cause the price to rise to the 1st resistance level at 149.40, an overlap resistance close to the 161.80%% Fibonacci extension

Alternative Scenario:

If the price breaks below the pivot, it may fall to the 1st support level at 145.761, which acts as a pullback support level close to the 38.2% Fibo retracement