USDJPY, H4 approaching our Pivot point, potential for a drop.
Description
Price has reversed from our Pivot of 108.757, which is in line with 61.8% fibonacci retracement, 78.6% fibonacci extension, descending trendline and horizontal graphical overlap, where we could see a drop from this level to our 1st Support level of 108.338, in line with 127% fibonacci retracement and 78.6% fibonacci extension. Do note that price has broken out of the Ichimoku cloud and MACD is under 0-line, in line with our bearish view.
Pivot: 108.757
Why we like it:
61.8% fibonacci retracement, 78.6% fibonacci extension, descending trendline and horizontal graphical overlap
1st Support: 108.338
Why we like it:
127% fibonacci retracement and 78.6% fibonacci extension
1st Resistance: 108.973
Why we like it:
38.2%, -61.8% fibonacci retracement and Ichimoku cloud resistance.
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot of 108.757, which is in line with 61.8% fibonacci retracement, 78.6% fibonacci extension, descending trendline and horizontal graphical overlap, where we could see a drop from this level to our 1st Support level of 108.338, in line with 127% fibonacci retracement and 78.6% fibonacci extension. Do note that price has broken out of the Ichimoku cloud and MACD is under 0-line, in line with our bearish view.
Pivot: 108.757
Why we like it:
61.8% fibonacci retracement, 78.6% fibonacci extension, descending trendline and horizontal graphical overlap
1st Support: 108.338
Why we like it:
127% fibonacci retracement and 78.6% fibonacci extension
1st Resistance: 108.973
Why we like it:
38.2%, -61.8% fibonacci retracement and Ichimoku cloud resistance.
Trading FX & CFDs carries high risk.
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