#USDJPY approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 109.273 which is in line with 78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance. Price can potentially take support at 108.78, which is in line with -27.2% Fibonacci retracement level, 100% Fibonacci extension level. Alternatively, price may rise up to our resistance at 109.466, which coincides with 61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap resistance . This is further supported by how price is holding below the EMA
Pivot:
109.273
Why we like it:
78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance
1st Support:
108.780
-27.2% Fibonacci retracement level, 100% Fibonacci extension level
1st Resistance:
109.466
61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap 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.