#USDJPY approaching pivot, potential for a reversal!
Price is approaching pivot level of 114.39 where we have 127.2% Fibonacci extension level & horizontal swing high resistance lining up. A reversal from this level might see price take support at 111.635, which is in line with 38.2% Fibonacci retracement level & horizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 114.617, which coincides with 61.8% Fibonacci retracement level . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
114.390
Why we like it:
127.2% Fibonacci extension level & horizontal swing high resistance
1st Support:
111.635
Why we like it:
38.2% Fibonacci retracement level & horizontal overlap support
1st Resistance:
114.617
Why we like it:
61.8% Fibonacci retracement level
Trading FX & CFDs carries high risk.
Pivot:
114.390
Why we like it:
127.2% Fibonacci extension level & horizontal swing high resistance
1st Support:
111.635
Why we like it:
38.2% Fibonacci retracement level & horizontal overlap support
1st Resistance:
114.617
Why we like it:
61.8% Fibonacci retracement level
Trading FX & CFDs carries high risk.
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