#USDJPY, H4 approaching our pivot, potential for bullish bounce
Description
Price has broken above our pivot level at 110.258 which is in line with 61.8% Fibonacci retracement level, 78.6% Fibonacci extension level. We could potentially see a further rise from here towards 111.469, which coincides with 127.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance. Finally, we can expect price to take support at 109.7, which coincides with 127.2% Fibonacci extension level & horizontal swing low support . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
110.258
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing low support
1st Support:
109.700
127.2% Fibonacci extension level & horizontal swing low support
1st Resistance:
111.469
127.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price has broken above our pivot level at 110.258 which is in line with 61.8% Fibonacci retracement level, 78.6% Fibonacci extension level. We could potentially see a further rise from here towards 111.469, which coincides with 127.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance. Finally, we can expect price to take support at 109.7, which coincides with 127.2% Fibonacci extension level & horizontal swing low support . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
110.258
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing low support
1st Support:
109.700
127.2% Fibonacci extension level & horizontal swing low support
1st Resistance:
111.469
127.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.