USDJPY is approaching a pivot, potential for bounce | 29 Sept 2021
Type: Bullish Bounce
Resistance: 112.418
Support: 110.384
Pivot: 110.975
Preference:
Price has been consolidating in a upwards channel. We foresee a potential target at our pivot at 110.975 in line with 88% Fibonacci extension towards our 1st resistance placed at 112.418 in line with 161.8% Fibonacci extension and parallel channel.
Alternative Scenario:
Alternatively, price may dip towards our 1st support at 110.394 in line with 61.8% Fibonacci extension.
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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.