#USDJPY reacting below pviot, potential for a drop!Price is reacting below pivot level at 111.705, in-line with 161.8% Fibonacci retracement, 127.2% Fibonacci extension and and swing high resistance. Price could potentially drop to support at 111.090, in-line with 23.6% Fibonacci retracement level, 61.8% Fibonacci extension and 20EMA. Stochastic is also at resistance level where previous drops occurred.
Alternatively, price may swing towards our resistance at 112.100, in-line with -61.8% Fibonacci retracement and 127.2% Fibonacci extension
Pivot:
111.705
Why we like it:
161.8% Fibonacci retracement, 127.2% Fibonacci extension and swing high resistance
1st Support:
111.090
23.6% Fibonacci retracement level, 61.8% Fibonacci extension and 20EMA
1st Resistance:
112.100
-61.8% Fibonacci retracement and 127.2% Fibonacci extension
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