#USDJPY, H4 is reversing from Pivot, potential for a drop.
Description
Price is reversing from our Pivot of 111.000 which is in line with 78.6% fibonacci retracement and horizontal graphical swing high, where we could see a drop from this level to our 1st support level of 110.282, in line with 50% fibonacci retracement and 61.8% fibonacci extension. It is worth noting that Stochastics has previously reversed from the 94% level, in line with our bearish analysis.
Pivot: 111.000
Why we like it:
78.6% fibonacci retracement and horizontal graphical swing high
1st Support: 110.282
Why we like it:
50% fibonacci retracement and 61.8% fibonacci extension
1st Resistance: 111.357
Why we like it:
-27% fibonacci retracement and 100% fibonacci extension
Trading FX & CFDs carries high risk.
Price is reversing from our Pivot of 111.000 which is in line with 78.6% fibonacci retracement and horizontal graphical swing high, where we could see a drop from this level to our 1st support level of 110.282, in line with 50% fibonacci retracement and 61.8% fibonacci extension. It is worth noting that Stochastics has previously reversed from the 94% level, in line with our bearish analysis.
Pivot: 111.000
Why we like it:
78.6% fibonacci retracement and horizontal graphical swing high
1st Support: 110.282
Why we like it:
50% fibonacci retracement and 61.8% fibonacci extension
1st Resistance: 111.357
Why we like it:
-27% fibonacci retracement and 100% fibonacci extension
Trading FX & CFDs carries high risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.