#USDJPY approaching pivot, potential for a reversal!
Price is approaching pivot level of 114.465 where we have 23.6% Fibonacci retracement level, 78.6% Fibonacci retracement level & horizontal overlap resistance lining up. A reversal from this level might see price take support at 112.042, which is in line with 38.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 116.21, which coincides with horizontal overlap resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
114.465
Why we like it:
23.6% Fibonacci retracement level, 78.6% Fibonacci retracement level & horizontal overlap resistance
1st Support:
112.042
Why we like it:
38.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support
1st Resistance:
116.210
Why we like it:
horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
114.465
Why we like it:
23.6% Fibonacci retracement level, 78.6% Fibonacci retracement level & horizontal overlap resistance
1st Support:
112.042
Why we like it:
38.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support
1st Resistance:
116.210
Why we like it:
horizontal overlap resistance
Trading FX & CFDs carries high risk.
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