USDJPY, H4 reversed from our Pivot point, potential for a drop.
Description
Price is reacting below our pivot level at 109.964 which is in line with 88% Fibonacci retracement level, 161.8% Fibonacci extension level horizontal overlap resistance. Price can potentially take support at 109.244, which is in line with 78.6% Fibonacci retracement level & horizontal swing low support. Alternatively, price may rise up to our resistance at 110.538, which coincides with 61.8% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap resistance . This is further supported by price trending under the broken ascending trendline
Pivot:
109.964
Why we like it:
88% Fibonacci retracement level, 161.8% Fibonacci extension levelhorizontal overlap resistance
1st Support:
109.244
78.6% Fibonacci retracement level & horizontal swing low support
1st Resistance:
110.538
61.8% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 109.964 which is in line with 88% Fibonacci retracement level, 161.8% Fibonacci extension level horizontal overlap resistance. Price can potentially take support at 109.244, which is in line with 78.6% Fibonacci retracement level & horizontal swing low support. Alternatively, price may rise up to our resistance at 110.538, which coincides with 61.8% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap resistance . This is further supported by price trending under the broken ascending trendline
Pivot:
109.964
Why we like it:
88% Fibonacci retracement level, 161.8% Fibonacci extension levelhorizontal overlap resistance
1st Support:
109.244
78.6% Fibonacci retracement level & horizontal swing low support
1st Resistance:
110.538
61.8% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap 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.