#USDJPY approaching pivot, potential for a reversal!
Price is approaching pivot level of 114.27 where we have 61.8% Fibonacci extension level & horizontal overlap support lining up. A reversal from this level might see price take support at 113.397, which is in line with 23.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 114.65, which coincides with horizontal swing high resistance . This is further supported by how price is likely to reverse off the RSI resistance level.
Pivot:
114.270
Why we like it:
61.8% Fibonacci extension level & horizontal overlap support
1st Support:
113.397
Why we like it:
23.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing low support
1st Resistance:
114.650
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
114.270
Why we like it:
61.8% Fibonacci extension level & horizontal overlap support
1st Support:
113.397
Why we like it:
23.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing low support
1st Resistance:
114.650
Why we like it:
horizontal swing high resistance
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.