#USDJPY broke above trendline, potential for further upside!
Price is reacting above our pivot level at 110.240 which is in line with 78.6% Fibonacci retracement level and 61.8% Fibonacci extension level. Price could potentially swing towards resistance at 110.795, which is in line with 100% Fibonacci retracement level, 127.2% Fibonacci extension level horizontal overlap resistance.
Alternatively, price may drop to our support at 109.895, which coincides with 61.8% Fibonacci retracement level and 78.6% Fibonacci extension level.
Pivot:
110.240
Why we like it:
78.6% Fibonacci retracement level and 61.8% Fibonacci extension level
1st Support:
109.895
61.8% Fibonacci retracement level and 78.6% Fibonacci extension level
1st Resistance:
110.795
100% Fibonacci retracement level, 127.2% Fibonacci extension level horizontal overlap resistance
Trading FX & CFDs carries high risk.
Alternatively, price may drop to our support at 109.895, which coincides with 61.8% Fibonacci retracement level and 78.6% Fibonacci extension level.
Pivot:
110.240
Why we like it:
78.6% Fibonacci retracement level and 61.8% Fibonacci extension level
1st Support:
109.895
61.8% Fibonacci retracement level and 78.6% Fibonacci extension level
1st Resistance:
110.795
100% Fibonacci retracement level, 127.2% Fibonacci extension level horizontal overlap resistance
Trading FX & CFDs carries high risk.
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