USDJPY, H4 bouncing on our Pivot point, potential for a rise.
Description
Price is bouncing from our Pivot of 104.655, which is in line with 38.2% Fibonacci retracement, 61.8%, 100% fibonacci extension and horizontal graphical overlap, where we could see a potential rise from this level to our first resistance level of 105.147. It is noteworthy that price is trending above the ascending trendline and Ichimoku cloud. MACD is also above the 0 line, which is in line with our bullish analysis.
Pivot: 104.655
Why we like it:
38.2% Fibonacci retracement, 61.8%, 100% fibonacci extension and horizontal graphical overlap
1st Support: 104.370
Why we like it:
78.6% Fibonacci retracement, 200%, 161.8% fibonacci extension and horizontal graphical support.
1st Resistance: 105.147
Why we like it:
100%, 61.8%, 200% fibonacci extension and -27%, 161.8%, fibonacci retracement.
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.