Title
GBPJPY H4 | Bullish reversal off 78.6% fibo?
Type
Bullish Bounce
Preference:
Price has made a lower high, and we can expect price to fall further to our pivot point at 184.06, which is an overlap support level, aligning with the 61.8% fibo projection and 78.6% fibo retracement. Price could potentially reverse from our pivot point, and rise towards the 1st resistance at 185.24, which is an overlap resistance level.
Alternative scenario:
If price breaks below the pivot point, then price could fall to the 1st support at 183.43, which is a multi-swing low support level.
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Source: Tickmill
