#USDJPY approaching pivot, potentail for a reversal!
Price is approaching pivot level of 114.358 where we have 127.2% Fibonacci extension level & horizontal swing high resistance lining up. A reversal from this level might see price take support at 112.167, which is in line with 38.2% Fibonacci retracement level & horizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 114.617, which coincides with horizontal overlap resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
114.358
Why we like it:
127.2% Fibonacci extension level & horizontal swing high resistance
1st Support:
112.167
Why we like it:
38.2% Fibonacci retracement level & horizontal overlap support
1st Resistance:
114.617
Why we like it:
horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
114.358
Why we like it:
127.2% Fibonacci extension level & horizontal swing high resistance
1st Support:
112.167
Why we like it:
38.2% Fibonacci retracement level & horizontal overlap support
1st Resistance:
114.617
Why we like it:
horizontal overlap resistance
Trading FX & CFDs carries high risk.
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