#USDJPY, H4 approaching Pivot point, potential for a bounce.
Description
Price is approaching our Pivot of 108.725 which is in line with 78.6% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap, where we could see a rise from this level to our 1st resistance level of 109.532 in line with 61.8% fibonacci extension and horizontal swing high. Note that price is above the ascending trendline, in line with our bullish analysis.
Pivot: 108.725
Why we like it:
78.6% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap
1st Support: 108.065
Why we like it:
127% fibonacci extension.
1st Resistance: 109.532
Why we like it:
61.8% fibonacci extension and horizontal swing high
Trading FX & CFDs carries high risk.
Price is approaching our Pivot of 108.725 which is in line with 78.6% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap, where we could see a rise from this level to our 1st resistance level of 109.532 in line with 61.8% fibonacci extension and horizontal swing high. Note that price is above the ascending trendline, in line with our bullish analysis.
Pivot: 108.725
Why we like it:
78.6% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap
1st Support: 108.065
Why we like it:
127% fibonacci extension.
1st Resistance: 109.532
Why we like it:
61.8% fibonacci extension and horizontal swing high
Trading FX & CFDs carries high risk.
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