#USDJPY broke out of triangle, potential for further upside
Price broke out of symmetrical triangle and is now approaching our pivot level at 109.985 which is in line with 38.2% Fibonacci retracement level and 20EMA. Price could potentially swing towards resistance at 110.44, which is in line with 78.6% Fibonacci retracement level and 100% Fibonacci retracement level and ascending trendline support. RSI is also approaching ascending trendline support for further upside.
Alternatively, price may drop to our support at 109.73, which coincides with 61.8% Fibonacci retracement level, 61.8% Fibonacci retracement level and horizontal overlap support
Pivot:
109.985
Why we like it:
38.2% Fibonacci retracement level and 20EMA
1st Support:
109.73
61.8% Fibonacci retracement level, 61.8% Fibonacci retracement level and horizontal overlap support
1st Resistance:
110.44
78.6% Fibonacci retracement level and 100% Fibonacci retracement level and ascending trendline support
Trading FX & CFDs carries high risk.
Alternatively, price may drop to our support at 109.73, which coincides with 61.8% Fibonacci retracement level, 61.8% Fibonacci retracement level and horizontal overlap support
Pivot:
109.985
Why we like it:
38.2% Fibonacci retracement level and 20EMA
1st Support:
109.73
61.8% Fibonacci retracement level, 61.8% Fibonacci retracement level and horizontal overlap support
1st Resistance:
110.44
78.6% Fibonacci retracement level and 100% Fibonacci retracement level and ascending trendline support
Trading FX & CFDs carries high risk.
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