USDJPY reversing from our Pivot point, potential for a drop
Description:
Price is reversing from our Pivot point at 104.208 which is in line with our 76.4% Fibonacci extension and 61.8% Fibonacci retracement and horizontal resistance area. We could potentially see price drop towards our 1st support level at 103.514, in line with 61.8%, 100% fibonacci extension, 127.2% fibonacci retracement and horizontal swing low support. It is worth noting that price is trending under the Ichimoku cloud
Pivot: 104.208
Why we like it:
76.4% Fibonacci extension and 61.8% Fibonacci retracement and horizontal resistance area
1st Support: 103.514
Why we like it:
61.8%, 100% fibonacci extension, 127.2% fibonacci retracement and horizontal swing low support
1st Resistance: 104.456
Why we like it:
100% fibonacci extension, 88.6% fibonacci retracement and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Price is reversing from our Pivot point at 104.208 which is in line with our 76.4% Fibonacci extension and 61.8% Fibonacci retracement and horizontal resistance area. We could potentially see price drop towards our 1st support level at 103.514, in line with 61.8%, 100% fibonacci extension, 127.2% fibonacci retracement and horizontal swing low support. It is worth noting that price is trending under the Ichimoku cloud
Pivot: 104.208
Why we like it:
76.4% Fibonacci extension and 61.8% Fibonacci retracement and horizontal resistance area
1st Support: 103.514
Why we like it:
61.8%, 100% fibonacci extension, 127.2% fibonacci retracement and horizontal swing low support
1st Resistance: 104.456
Why we like it:
100% fibonacci extension, 88.6% fibonacci retracement and 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.