#USDJPY approaching pivot, potential for drop!Price is approaching our pivot level at 112.100, in-line with -61.8% Fibonacci retracement level and 127.2% Fibonacci extension. Price could potentially drop to support at 111.365, in-line with 23.6% Fibonacci retracement level, 61.8% Fibonacci extension and 20EMA. Stochastic is also at resistance where previous drops occurred.
Alternatively, price may swing towards our resistance at 112.500, in-line with 200% Fibonacci retracement level and 161.8% Fibonacci extension.
Pivot:
112.100
Why we like it:
-61.8% Fibonacci retracement level and 127.2% Fibonacci extension
1st Support:
111.365
23.6% Fibonacci retracement level, 61.8% Fibonacci extension and 20EMA
1st Resistance:
112.500
200% Fibonacci retracement level and 161.8% Fibonacci extension
Trading FX & CFDs carries high risk.
