#USDJPY, H4 approaching Pivot point, potential for a bounce.
Description
Price is approaching our Pivot of 109.748 which is in line with 78.6% fibonacci extension and horizontal graphical overlap, where we could see a rise from this level to our 1st resistance level of 110.387 in line with 127% fibonacci extension. Note that MACD is above the 0-line, in line with our bullish analysis.
Pivot: 109.748
Why we like it:
78.6% fibonacci extension and horizontal graphical overlap
1st Support: 109.392
Why we like it:
61.8% fibonacci retracement, 50% fibonacci extension and horizontal swing low.
1st Resistance: 110.387
Why we like it:
127% fibonacci extension.
Trading FX & CFDs carries high risk.
Price is approaching our Pivot of 109.748 which is in line with 78.6% fibonacci extension and horizontal graphical overlap, where we could see a rise from this level to our 1st resistance level of 110.387 in line with 127% fibonacci extension. Note that MACD is above the 0-line, in line with our bullish analysis.
Pivot: 109.748
Why we like it:
78.6% fibonacci extension and horizontal graphical overlap
1st Support: 109.392
Why we like it:
61.8% fibonacci retracement, 50% fibonacci extension and horizontal swing low.
1st Resistance: 110.387
Why we like it:
127% fibonacci extension.
Trading FX & CFDs carries high risk.
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