#USDJPY reacting above trendline, potential for bounce
Price is reacting above our pivot level at 109.585 which is in line with 100% Fibonacci retracement level, 100% Fibonacci extension level and ascending trendline support. Price could potentially swing towards resistance at 110.240, which is in line with 78.6% Fibonacci retracement level and 61.8% Fibonacci extension level.
Alternatively, price may drop to our support at 109.320, which coincides with 127.2% Fibonacci retracement level and 161.8% Fibonacci extension level.
Pivot:
109.585
Why we like it:
100% Fibonacci retracement level, 100% Fibonacci extension level and asecending trendline support
1st Support:
109.320
127.2% Fibonacci retracement level and 161.8% Fibonacci extension level
1st Resistance:
110.240
78.6% Fibonacci retracement level and 61.8% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price may drop to our support at 109.320, which coincides with 127.2% Fibonacci retracement level and 161.8% Fibonacci extension level.
Pivot:
109.585
Why we like it:
100% Fibonacci retracement level, 100% Fibonacci extension level and asecending trendline support
1st Support:
109.320
127.2% Fibonacci retracement level and 161.8% Fibonacci extension level
1st Resistance:
110.240
78.6% Fibonacci retracement level and 61.8% Fibonacci extension level
Trading FX & CFDs carries high risk.
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