#USDJPY approaching pivot, potential for drop
Price is consolidating inside a symmetrical triangle and approaching our pivot level at 109.990 which is in line with 78.6% Fibonacci retracement level and descending trendline resistance. Price could potentially push down to support at 109.545, which is in line with 78.6% Fibonacci retracement level, 78.6% Fibonacci retracement level and ascending trendline support.
Alternatively, price may swing towards our resistance at 110.160, which coincides with 61.8% Fibonacci retracement level and 61.8% Fibonacci retracement level
Pivot:
109.990
Why we like it:
78.6% Fibonacci retracement level and descending trendline resistance
1st Support:
109.545
78.6% Fibonacci retracement level, 78.6% Fibonacci retracement level and ascending trendline support
1st Resistance:
110.160
61.8% Fibonacci retracement level and 61.8% Fibonacci retracement level
Trading FX & CFDs carries high risk.
Alternatively, price may swing towards our resistance at 110.160, which coincides with 61.8% Fibonacci retracement level and 61.8% Fibonacci retracement level
Pivot:
109.990
Why we like it:
78.6% Fibonacci retracement level and descending trendline resistance
1st Support:
109.545
78.6% Fibonacci retracement level, 78.6% Fibonacci retracement level and ascending trendline support
1st Resistance:
110.160
61.8% Fibonacci retracement level and 61.8% Fibonacci retracement level
Trading FX & CFDs carries high risk.
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