Title
AUDJPY H4 | Falling to Fibo confluence support

Type
Bullish Bounce

Preference:

Price is falling towards the pivot point of 93.744 which is a pullback support that aligns with a confluence of Fibonacci levels i.e. the 61.8% retracement and the 78.6% projection levels. Price could potentially reverse from here and  we could see momentum carry price up to its 1st resistance at 94.358 which is a recent swing-high resistance.

Alternative scenario:

If price breaks below the pivot point, it could hit the 1st support at 93.212 which is a recent swing-low support.

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