#USDJPY approaching pivot, potential for rise!
Price has broken above our pivot level at 114.178 which is in line with 78.6% Fibonacci extension level, 38.2% Fibonacci retracement level & horizontal overlap resistance . We could potentially see a further rise from here towards 114.946, which coincides with & horizontal swing high resistance. Finally, we can expect price to take support at 113.754, which coincides with 100% Fibonacci extension level, 38.2% Fibonacci retracement level & horizontal overlap support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
114.178
Why we like it:
78.6% Fibonacci extension level, 38.2% Fibonacci retracement level & horizontal overlap resistance
1st Support:
113.754
Why we like it:
100% Fibonacci extension level, 38.2% Fibonacci retracement level & horizontal overlap support
1st Resistance:
114.946
Why we like it:
& horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
114.178
Why we like it:
78.6% Fibonacci extension level, 38.2% Fibonacci retracement level & horizontal overlap resistance
1st Support:
113.754
Why we like it:
100% Fibonacci extension level, 38.2% Fibonacci retracement level & horizontal overlap support
1st Resistance:
114.946
Why we like it:
& horizontal swing high resistance
Trading FX & CFDs carries high risk.
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