USDJPY, H4 reversed from our Pivot point, potential for a drop.
Description
Price has reversed from our Pivot of 104.257, which is in line with 78.6%, 127% Fibonacci retracement, 161.8% fibonacci extension and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 103.248. It is noteworthy that price is trending within a bearish channel, in line with our bearish view.
Pivot: 104.257
Why we like it:
78.6%, 127% Fibonacci retracement, 161.8% fibonacci extension and horizontal graphical overlap
1st Support: 103.248
Why we like it:
50%, 61.8% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical area.
1st Resistance: 105.201
Why we like it:
241.4% fibonacci extension, 127% and 200% fibonacci retracement
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot of 104.257, which is in line with 78.6%, 127% Fibonacci retracement, 161.8% fibonacci extension and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 103.248. It is noteworthy that price is trending within a bearish channel, in line with our bearish view.
Pivot: 104.257
Why we like it:
78.6%, 127% Fibonacci retracement, 161.8% fibonacci extension and horizontal graphical overlap
1st Support: 103.248
Why we like it:
50%, 61.8% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical area.
1st Resistance: 105.201
Why we like it:
241.4% fibonacci extension, 127% and 200% fibonacci retracement
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.