USDJPY reversing from our Pivot point, potential for a drop
Description:
Price is reversing from our Pivot point at 104.208 which is in line with our 76.4% Fibonacci extension and 61.8% Fibonacci retracement and horizontal resistance area. We could potentially see price drop towards our 1st support level at 103.514, in line with 61.8%, 100% fibonacci extension, 127.2% fibonacci retracement and horizontal swing low support. It is worth noting that price is trending under the Ichimoku cloud
Pivot: 104.208
Why we like it:
76.4% Fibonacci extension and 61.8% Fibonacci retracement and horizontal resistance area
1st Support: 103.514
Why we like it:
61.8%, 100% fibonacci extension, 127.2% fibonacci retracement and horizontal swing low support
1st Resistance: 104.456
Why we like it:
100% fibonacci extension, 88.6% fibonacci retracement and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Price is reversing from our Pivot point at 104.208 which is in line with our 76.4% Fibonacci extension and 61.8% Fibonacci retracement and horizontal resistance area. We could potentially see price drop towards our 1st support level at 103.514, in line with 61.8%, 100% fibonacci extension, 127.2% fibonacci retracement and horizontal swing low support. It is worth noting that price is trending under the Ichimoku cloud
Pivot: 104.208
Why we like it:
76.4% Fibonacci extension and 61.8% Fibonacci retracement and horizontal resistance area
1st Support: 103.514
Why we like it:
61.8%, 100% fibonacci extension, 127.2% fibonacci retracement and horizontal swing low support
1st Resistance: 104.456
Why we like it:
100% fibonacci extension, 88.6% fibonacci retracement and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
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