#USDJPY approaching pivot, potential for a drop!
Price is reacting below our pivot level at 114.294 which is in line with , 78.6% Fibonacci extension level & horizontal overlap resistance. Price can potentially take support at 113.42, which is in line with 38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support. Alternatively, price may rise up to our resistance at 114.641, which coincides with & horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
114.294
Why we like it:
, 78.6% Fibonacci extension level & horizontal overlap resistance
1st Support:
113.420
Why we like it:
38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support
1st Resistance:
114.641
Why we like it:
& horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
114.294
Why we like it:
, 78.6% Fibonacci extension level & horizontal overlap resistance
1st Support:
113.420
Why we like it:
38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support
1st Resistance:
114.641
Why we like it:
& horizontal swing high resistance
Trading FX & CFDs carries high risk.
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