#USDJPY, H4 is reversing from Pivot, potential for a drop.
Description
Price is approaching our Pivot of 110.819 which is in line with -27% fibonacci retracement, 100%, 161.8% fibonacci extension, where we could see a rise from this level to our 1st resistance level of 111.453 in line with -61.8% fibonacci retracement and 161.8% fibonacci extension. It is worth noting that stochastic is showing resistance at 94% where price has dropped, in line with our bearish analysis.
Pivot: 110.819
Why we like it:
-27% fibonacci retracement, 100%, 161.8% fibonacci extension
1st Support: 109.296
Why we like it:
61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap
1st Resistance: 110.091
Why we like it:
78.6%, 88.6% fibonacci retracement and 88.6% fibonacci extension
Trading FX & CFDs carries high risk.
Price is approaching our Pivot of 110.819 which is in line with -27% fibonacci retracement, 100%, 161.8% fibonacci extension, where we could see a rise from this level to our 1st resistance level of 111.453 in line with -61.8% fibonacci retracement and 161.8% fibonacci extension. It is worth noting that stochastic is showing resistance at 94% where price has dropped, in line with our bearish analysis.
Pivot: 110.819
Why we like it:
-27% fibonacci retracement, 100%, 161.8% fibonacci extension
1st Support: 109.296
Why we like it:
61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap
1st Resistance: 110.091
Why we like it:
78.6%, 88.6% fibonacci retracement and 88.6% 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.