USDJPY, H4 is breaking our Pivot point, potential for a drop.
Description
Price is breaking our Pivot point of 103.015, which is in line with 88% Fibonacci retracement and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 102.724. It is noteworthy that price is trending under the Ichimoku cloud, and MACD is showing bearish pressure in line with our view.
Pivot: 103.015
Why we like it:
88% Fibonacci retracement and horizontal graphical overlap
1st Support: 102.724
Why we like it:
161.8% and -27% fibonacci retracement
1st Resistance: 103.207
Why we like it:
23.8%, 38.2% Fibonacci retracement, 50% Fibonacci extension and horizontal graphical resistance.
Trading FX & CFDs carries high risk.
Price is breaking our Pivot point of 103.015, which is in line with 88% Fibonacci retracement and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 102.724. It is noteworthy that price is trending under the Ichimoku cloud, and MACD is showing bearish pressure in line with our view.
Pivot: 103.015
Why we like it:
88% Fibonacci retracement and horizontal graphical overlap
1st Support: 102.724
Why we like it:
161.8% and -27% fibonacci retracement
1st Resistance: 103.207
Why we like it:
23.8%, 38.2% Fibonacci retracement, 50% Fibonacci extension and horizontal graphical resistance.
Trading FX & CFDs carries high risk.
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