USDJPY, H4 reversing from our Pivot point, potential for a drop
Description
Price is reversing from our Pivot of 106.416, which is in line with, 161.8%, -27% fibonacci retracement and 78.6% fibonacci extension, where we could see a potential drop from this level to our first support level of 105.666, a fibonacci confluence level.
Pivot: 106.416
Why we like it:
161.8%, -27% fibonacci retracement and 78.6% fibonacci extension
1st Support: 105.666
Why we like it:
78.6%, 127% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Resistance: 106.733
Why we like it:
-27% fibonacci retracement and 100% fibonacci extension.
Trading FX & CFDs carries high risk.
Price is reversing from our Pivot of 106.416, which is in line with, 161.8%, -27% fibonacci retracement and 78.6% fibonacci extension, where we could see a potential drop from this level to our first support level of 105.666, a fibonacci confluence level.
Pivot: 106.416
Why we like it:
161.8%, -27% fibonacci retracement and 78.6% fibonacci extension
1st Support: 105.666
Why we like it:
78.6%, 127% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Resistance: 106.733
Why we like it:
-27% fibonacci retracement and 100% fibonacci extension.
Trading FX & CFDs carries high risk.
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