NZDJPY H4 | Heading into pullback resistance

Title
NZDJPY H4 | Heading into pullback resistance

Type
Bearish Reversal

Preference:
Price is rising towards the pivot point of 87.59 which is a pullback resistance level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 86.845 which is a multi-swing-low support level.

Alternative scenario:
If price breaks above the pivot point, it could hit the 1st resistance at 87.947 which is an overlap resistance that aligns close to the 50.0% Fibonacci retracement level.

To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.

Source: Tickmill

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NZDJPY H4 | Heading into pullback resistance

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