#USDJPY, H4 is reversing from Pivot, potential for a drop.
Price is reacting below our pivot level at 109.832 which is in line with 50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance. Price can potentially take support at 109.39, which is in line with 78.6% Fibonacci retracement level, 50.0% Fibonacci extension level & horizontal swing low support. This is further supported by how price is holding below the descending trendline.
Pivot:
109.832
Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance
1st Support:
109.390
78.6% Fibonacci retracement level, 50.0% Fibonacci extension level & horizontal swing low support
1st Resistance:
110.098
78.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal swing high resistance
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