USDJPY, H4 reversed from our Pivot point, potential for a drop.
Description
Price is reacting below our pivot level at 109.964 which is in line with 88% Fibonacci retracement level, 161.8% Fibonacci extension level horizontal overlap resistance. Price can potentially take support at 109.244, which is in line with 78.6% Fibonacci retracement level & horizontal swing low support. Alternatively, price may rise up to our resistance at 110.538, which coincides with 61.8% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap resistance . This is further supported by price trending under the broken ascending trendline
Pivot:
109.964
Why we like it:
88% Fibonacci retracement level, 161.8% Fibonacci extension levelhorizontal overlap resistance
1st Support:
109.244
78.6% Fibonacci retracement level & horizontal swing low support
1st Resistance:
110.538
61.8% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 109.964 which is in line with 88% Fibonacci retracement level, 161.8% Fibonacci extension level horizontal overlap resistance. Price can potentially take support at 109.244, which is in line with 78.6% Fibonacci retracement level & horizontal swing low support. Alternatively, price may rise up to our resistance at 110.538, which coincides with 61.8% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap resistance . This is further supported by price trending under the broken ascending trendline
Pivot:
109.964
Why we like it:
88% Fibonacci retracement level, 161.8% Fibonacci extension levelhorizontal overlap resistance
1st Support:
109.244
78.6% Fibonacci retracement level & horizontal swing low support
1st Resistance:
110.538
61.8% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
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