Title
CADJPY H4 | Falling to pullback support

Type
Bullish Bounce

Preference:

Price is falling towards the pivot point of 108.45 which is a pullback support that aligns with the 38.2% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price up to its 1st resistance at 109.093 which is a swing-high resistance level.

Alternative scenario:

If price breaks below the pivot point, it could hit the 1st support at 107.864 which is a pullback support that aligns close to the 61.8% Fibonacci retracement level.

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