#USDJPY approaching pivot, potential for a drop!
Price is reacting below our pivot level at 109.877 which is in line with 50.0% Fibonacci retracement level, 100% Fibonacci extension level. Price can potentially take support at 109.424, which is in line with 78.6% Fibonacci retracement level & horizontal swing low support. Alternatively, price may rise up to our resistance at 110.056, which coincides with 161.8% Fibonacci extension level & horizontal overlap resistance . This is further supported by how price is holding below the EMA
Pivot:
109.877
Why we like it:
50.0% Fibonacci retracement level, 100% Fibonacci extension level
1st Support:
109.424
78.6% Fibonacci retracement level & horizontal swing low support
1st Resistance:
110.056
161.8% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
109.877
Why we like it:
50.0% Fibonacci retracement level, 100% Fibonacci extension level
1st Support:
109.424
78.6% Fibonacci retracement level & horizontal swing low support
1st Resistance:
110.056
161.8% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
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