USDJPY, H4 is approaching our Pivot point, potential for a drop.
Description
Price is approaching our Pivot point of 103.708, which is in line with our Fibonacci confluence, descending trendline resistance and horizontal graphical resistance, where we could see a potential drop from this level to our first support level of 103.124. It is noteworthy that price is trending under a descending trendline, and Stochastics (21,5,3) is reversing from 72% in line with our bearish view.
Pivot: 103.708
Why we like it:
61.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal graphical resistance
1st Support: 103.124
Why we like it:
78.6%, -27% fibonacci retracement and horizontal swing low resistance.
1st Resistance: 103.879
Why we like it:
78.6%, -27% Fibonacci retracement and horizontal graphical resistance.
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point of 103.708, which is in line with our Fibonacci confluence, descending trendline resistance and horizontal graphical resistance, where we could see a potential drop from this level to our first support level of 103.124. It is noteworthy that price is trending under a descending trendline, and Stochastics (21,5,3) is reversing from 72% in line with our bearish view.
Pivot: 103.708
Why we like it:
61.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal graphical resistance
1st Support: 103.124
Why we like it:
78.6%, -27% fibonacci retracement and horizontal swing low resistance.
1st Resistance: 103.879
Why we like it:
78.6%, -27% Fibonacci retracement and horizontal graphical resistance.
Trading FX & CFDs carries high risk.
Disclaimer
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