#USDJPY approaching pivot, potential for rise!
Price is reacting below our pivot level at 111.676 which is in line with 78.6% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap resistance. Price can potentially take support at 110.826, which is in line with 38.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap resistance. Alternatively, price may rise up to our resistance at 112.322, which coincides with 127.2% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal swing high resistance . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
111.676
Why we like it:
78.6% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap resistance
1st Support:
110.826
Why we like it:
38.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap resistance
1st Resistance:
112.322
Why we like it:
127.2% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
111.676
Why we like it:
78.6% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap resistance
1st Support:
110.826
Why we like it:
38.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap resistance
1st Resistance:
112.322
Why we like it:
127.2% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal swing high resistance
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.