#USDJPY, H4 approaching Pivot point, potential for a bounce.
Description
Price is approaching our Pivot of 109.221 which is in line with 61.8% fibonacci retracement and horizontal graphical overlap, where we could see a bounce from this level to our 1st resistance level of 109.9 in line with 61.8% fibonacci extension. It is worth noting that price is making consistent higher highs and high lows, in line with our bullish analysis.
Pivot: 109.221
Why we like it:
61.8% fibonacci retracement and horizontal graphical overlap
1st Support: 108.757
Why we like it:
88.6% fibonacci retracement, 100% fibonacci extension and horizontal swing low.
1st Resistance: 109.900
Why we like it:
61.8% fibonacci extension
Trading FX & CFDs carries high risk.
Price is approaching our Pivot of 109.221 which is in line with 61.8% fibonacci retracement and horizontal graphical overlap, where we could see a bounce from this level to our 1st resistance level of 109.9 in line with 61.8% fibonacci extension. It is worth noting that price is making consistent higher highs and high lows, in line with our bullish analysis.
Pivot: 109.221
Why we like it:
61.8% fibonacci retracement and horizontal graphical overlap
1st Support: 108.757
Why we like it:
88.6% fibonacci retracement, 100% fibonacci extension and horizontal swing low.
1st Resistance: 109.900
Why we like it:
61.8% fibonacci extension
Trading FX & CFDs carries high risk.
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