Resistance: 109.915
Support: 109.327
Pivot: 109.511
Type:
Bearish Breakout
Preference:
USDJPY is consolidating in a triangle. Price is facing bullish pressure and may ascend to our 1st resistance at 109.915 in line with 61.8% Fibonacci extension and 78.6% Fibonacci retracement.
Alternative Scenario:
Alternatively, If Price Breaks Our Pivot, It May Pullback Toward Our 1st Support At 109.327 Which Is A Graphical Swing Low And In Line With Our Ascending Trendline.
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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.