USDJPY reversing towards our Pivot point, potential for drop
Description:
Price is reversing towards our Pivot point at 103.663 which is in line with our 61.8% Fibonacci extension and 61.8% Fibonacci retracement and descending trendline resistance. We could potentially see price drop towards our 1st support level at 103.076, in line with 88% and 100% fibonacci extension. It is worth noting that price is trending under the Ichimoku cloud and a descending trendline.
Pivot: 103.663
Why we like it:
61.8% Fibonacci extension and 61.8% Fibonacci retracement and descending trendline resistance
1st Support: 103.076
Why we like it:
88% and 100% fibonacci extension
1st Resistance: 103.824
Why we like it:
88% fibonacci extension, 88.6% fibonacci retracement and horizontal graphical overlap resistance.
Trading FX & CFDs carries high risk.
Price is reversing towards our Pivot point at 103.663 which is in line with our 61.8% Fibonacci extension and 61.8% Fibonacci retracement and descending trendline resistance. We could potentially see price drop towards our 1st support level at 103.076, in line with 88% and 100% fibonacci extension. It is worth noting that price is trending under the Ichimoku cloud and a descending trendline.
Pivot: 103.663
Why we like it:
61.8% Fibonacci extension and 61.8% Fibonacci retracement and descending trendline resistance
1st Support: 103.076
Why we like it:
88% and 100% fibonacci extension
1st Resistance: 103.824
Why we like it:
88% fibonacci extension, 88.6% fibonacci retracement and horizontal graphical overlap resistance.
Trading FX & CFDs carries high risk.
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