#USDJPY, H4 is reversing from Pivot, potential for a drop.
Price is reacting below our pivot level at 109.832 which is in line with 50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance. Price can potentially take support at 109.39, which is in line with 78.6% Fibonacci retracement level, 50.0% Fibonacci extension level & horizontal swing low support. This is further supported by how price is holding below the descending trendline.
Pivot:
109.832
Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance
1st Support:
109.390
78.6% Fibonacci retracement level, 50.0% Fibonacci extension level & horizontal swing low support
1st Resistance:
110.098
78.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal swing high resistance
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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.