USDJPY is reversing off our Pivot point, potential for a drop

Price is reversing off our Pivot point at 104.467 which is in line with our 61.8% Fibonacci extension, 61.8% Fibonacci retracement and horizontal swing high resistance. We could potentially see price drop towards our 1st support level at 103.653. It is worth noting that the descending trendline is showing bearish pressure in line with our analysis, and the Stochastic indicator is also testing the horizontal resistance level at 85.32.

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