#USDJPY retesting pivot, potential for drop
Price is retesting trendline resistance at pivot level at 109.940, in-line with 78.6% Fibonacci retracement level, 161.8% Fibonacci extension level and trendline resistance. Price could potentially drop to support at 109.340, in-line with 61.8% Fibonacci retracement level, 61.8% Fibonacci retracement level and horizontal overlap support. Stochastic is also approaching resistance level where previous drops occurred.
Alternatively, price could potentially swing towards resistance at 110.190, in-line with 78.6% Fibonacci retracement level and 200% Fibonacci retracement level
Pivot:
109.940
Why we like it:
78.6% Fibonacci retracement level, 161.8% Fibonacci extension level and trendline resistance
1st Support:
109.340
61.8% Fibonacci retracement level, 61.8% Fibonacci retracement level and horizontal overlap support
1st Resistance:
110.190
78.6% Fibonacci retracement level and 200% Fibonacci retracement level
Trading FX & CFDs carries high risk.
Alternatively, price could potentially swing towards resistance at 110.190, in-line with 78.6% Fibonacci retracement level and 200% Fibonacci retracement level
Pivot:
109.940
Why we like it:
78.6% Fibonacci retracement level, 161.8% Fibonacci extension level and trendline resistance
1st Support:
109.340
61.8% Fibonacci retracement level, 61.8% Fibonacci retracement level and horizontal overlap support
1st Resistance:
110.190
78.6% Fibonacci retracement level and 200% Fibonacci retracement level
Trading FX & CFDs carries high risk.
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