#USDJPY approaching pivot, potential for a reversal!
Price is approaching pivot level of 114.702 where we have 61.8% Fibonacci extension level & horizontal swing high resistance lining up. A reversal from this level might see price take support at 110.94, which is in line with 127.2% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap resistance. Finally, price is unlikely to surpass our strong resistance at 116.127, which coincides with 78.6% Fibonacci retracement level & horizontal overlap resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
114.702
Why we like it:
61.8% Fibonacci extension level & horizontal swing high resistance
1st Support:
110.940
Why we like it:
127.2% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap resistance
1st Resistance:
116.127
Why we like it:
78.6% Fibonacci retracement level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
114.702
Why we like it:
61.8% Fibonacci extension level & horizontal swing high resistance
1st Support:
110.940
Why we like it:
127.2% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap resistance
1st Resistance:
116.127
Why we like it:
78.6% Fibonacci retracement level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
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