#USDJPY, H4 is reversing from Pivot, potential for a drop.
Description
Price is reversing from our Pivot of 111.168 which is in line with 127% fibonacci retracement, 88.6% fibonacci extension and horizontal graphical swing high, where we could see a drop from this level to our 1st support level of 110.282, in line with 61.8% fibonacci retracement and 78.6% fibonacci extension. It is worth noting that price has just tapped on the return line of the bullish channel and may return down towards the ascending trendline, in line with our short-term bearish analysis.
Pivot: 111.168
Why we like it:
127% fibonacci retracement, 88.6% fibonacci extension and horizontal graphical swing high
1st Support: 110.282
Why we like it:
61.8% fibonacci retracement and 78.6% fibonacci extension
1st Resistance: 111.507
Why we like it:
161.8% fibonacci retracement.
Trading FX & CFDs carries high risk.
Price is reversing from our Pivot of 111.168 which is in line with 127% fibonacci retracement, 88.6% fibonacci extension and horizontal graphical swing high, where we could see a drop from this level to our 1st support level of 110.282, in line with 61.8% fibonacci retracement and 78.6% fibonacci extension. It is worth noting that price has just tapped on the return line of the bullish channel and may return down towards the ascending trendline, in line with our short-term bearish analysis.
Pivot: 111.168
Why we like it:
127% fibonacci retracement, 88.6% fibonacci extension and horizontal graphical swing high
1st Support: 110.282
Why we like it:
61.8% fibonacci retracement and 78.6% fibonacci extension
1st Resistance: 111.507
Why we like it:
161.8% fibonacci retracement.
Trading FX & CFDs carries high risk.
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