#USDJPY, H4 approaching pivot, potential for bearish reversal

Description

Price is reacting below key pivot level of 111.295 where we have 127.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support lining up. A drop below this level might see price take support at 110.421, which is in line with 50.0% Fibonacci retracement level, 100% Fibonacci extension level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 112.001, which coincides with 100% Fibonacci extension level, -61.8% Fibonacci retracement level. This is further supported by how price is likely to reverse off the Stochastic resistance level.

Pivot:
111.295

Why we like it:
127.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support

1st Support:
110.421
50.0% Fibonacci retracement level, 100% Fibonacci extension level & horizontal swing low support

1st Resistance:
112.001
100% Fibonacci extension level, -61.8% Fibonacci retracement level.
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