USDJPY, H4 reversed from our Pivot point, potential for a drop
Description
Price has reversed from our Pivot of 109.961 which is in line with 61.8% fibonacci retracement, 161.8% fibonacci extension and moving average resistance, where we could see a drop from this level to our 1st Support level of 108.408, in line with 161.8% fibonacci retracement, 100% fibonacci extension and horizontal swing low support. Do note that price is trending under the moving average, in line with our bearish view.
Pivot: 109.961
Why we like it:
61.8% fibonacci retracement, 161.8% fibonacci extension and moving average resistance
1st Support: 108.408
Why we like it:
161.8% fibonacci retracement, 100% fibonacci extension and horizontal swing low support
1st Resistance: 110.588
Why we like it:
78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap.
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot of 109.961 which is in line with 61.8% fibonacci retracement, 161.8% fibonacci extension and moving average resistance, where we could see a drop from this level to our 1st Support level of 108.408, in line with 161.8% fibonacci retracement, 100% fibonacci extension and horizontal swing low support. Do note that price is trending under the moving average, in line with our bearish view.
Pivot: 109.961
Why we like it:
61.8% fibonacci retracement, 161.8% fibonacci extension and moving average resistance
1st Support: 108.408
Why we like it:
161.8% fibonacci retracement, 100% fibonacci extension and horizontal swing low support
1st Resistance: 110.588
Why we like it:
78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap.
Trading FX & CFDs carries high risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.