USDJPY, H4 is reversing Pivot point, potential for a rise
Description:
Price is testing our Pivot point at 104.023 which is in line with our 61.8% Fibonacci extension and 50% Fibonacci retracement and ascending trendline support. We could potentially see price rise towards our 1st resistance level at 104.500, in line with 61.8% fibonacci extension, 78.6% fibonacci retracement and descending trendline resistance. It is worth noting that price is trending within a squeezing triangle pattern.
Pivot: 104.023
Why we like it:
61.8% Fibonacci extension and 50% Fibonacci retracement and ascending trendline support
1st Support: 103.710
Why we like it:
78.6% fibonacci retracement and horizontal graphical support.
1st Resistance: 104.500
Why we like it:
61.8% fibonacci extension, 78.6% fibonacci retracement and descending trendline resistance
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