USDJPY, H4 reversing from our Pivot point, potential for a drop
Description
Price has reversed from our Pivot of 103.748, which is in line with 38.2%, 50%, 78.6% Fibonacci retracement, 61.8% fibonacci extension, descending trendline resistance and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 103.286. It is noteworthy that price has just broken out of the Ichimoku cloud, in line with our bearish analysis.
Pivot: 103.748
Why we like it:
38.2%, 50%, 78.6% Fibonacci retracement, 61.8% fibonacci extension, descending trendline resistance and horizontal graphical overlap
1st Support: 103.286
Why we like it:
127%, 161.8%, 261.8% Fibonacci retracement and horizontal swing low support.
1st Resistance: 103.960
Why we like it:
-27%, 88%, 161.8% fibonacci retracement and descending trendline resistance.
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot of 103.748, which is in line with 38.2%, 50%, 78.6% Fibonacci retracement, 61.8% fibonacci extension, descending trendline resistance and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 103.286. It is noteworthy that price has just broken out of the Ichimoku cloud, in line with our bearish analysis.
Pivot: 103.748
Why we like it:
38.2%, 50%, 78.6% Fibonacci retracement, 61.8% fibonacci extension, descending trendline resistance and horizontal graphical overlap
1st Support: 103.286
Why we like it:
127%, 161.8%, 261.8% Fibonacci retracement and horizontal swing low support.
1st Resistance: 103.960
Why we like it:
-27%, 88%, 161.8% fibonacci retracement and descending trendline resistance.
Trading FX & CFDs carries high risk.
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