USDJPY H4 I Bearish Reversal
Title
USDJPY H4 I Bearish Reversal
Type
Bearish Reversal
Preference:
The price is moving up towards the pivot level of 0.6121, which acts as a pullback resistance close to the 23.60 Fiboancci retracement. A reversal at this level could cause the price to drop to the 1st support at 0.6039, an overlap support close to the 61.80% Fibonacci retracement.
Alternative Scenario:
If the price breaks above the pivot, it may rise to the 1st resistance level at 0.6185, a pullback resistance close to the 38.20% Fibonacci retracememt.