USDJPY is facing bearish pressure, potential for more downside
Description:
Price is facing bearish pressure as it is trading below the resistance level at 105.61 where the 76.4% fib retracement and 100% fib extension are. A drop from our pivot at 105.61 towards 1st support at 105.22 could be possible. Failing to edge below the pivot would see price swing towards 1st resistance where the horizontal pullback resistance is.
Pivot: 105.61
Supporting Points:
76.4% fib retracement and 100% fib extension
1st Support: 105.22
Supporting Points:
Horizontal swing low
1st Resistance: 105.91
Supporting Points:
76.4% fib retracement
Trading FX & CFDs carries high risk.
Price is facing bearish pressure as it is trading below the resistance level at 105.61 where the 76.4% fib retracement and 100% fib extension are. A drop from our pivot at 105.61 towards 1st support at 105.22 could be possible. Failing to edge below the pivot would see price swing towards 1st resistance where the horizontal pullback resistance is.
Pivot: 105.61
Supporting Points:
76.4% fib retracement and 100% fib extension
1st Support: 105.22
Supporting Points:
Horizontal swing low
1st Resistance: 105.91
Supporting Points:
76.4% fib retracement
Trading FX & CFDs carries high risk.