USDJPY, D1 is at our Pivot point, potential for a bullish break
Description
Price is testing our Pivot of 107.226, which is in line with 61.8% fibonacci retracement and 127% fibonacci extension, where we could see a potential bullish breakout from this level to our 1st Resistance level of 108.547, a fibonacci confluence level. Do note that price is trending above the ascending trendline, Ichomoku cloud and MACD is above the 0 line, in line with our bullish view.
Pivot: 107.226
Why we like it:
61.8% fibonacci retracement and 127% fibonacci extension
1st Support: 105.779
Why we like it:
61.8% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
1st Resistance: 108.547
Why we like it:
-61.8%, 78.6%, 127% fibonacci retracement and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Price is testing our Pivot of 107.226, which is in line with 61.8% fibonacci retracement and 127% fibonacci extension, where we could see a potential bullish breakout from this level to our 1st Resistance level of 108.547, a fibonacci confluence level. Do note that price is trending above the ascending trendline, Ichomoku cloud and MACD is above the 0 line, in line with our bullish view.
Pivot: 107.226
Why we like it:
61.8% fibonacci retracement and 127% fibonacci extension
1st Support: 105.779
Why we like it:
61.8% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
1st Resistance: 108.547
Why we like it:
-61.8%, 78.6%, 127% fibonacci retracement and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
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