#USDJPY, H4 approaching Pivot point, potential for a bounce.
Description
Price is approaching our Pivot of 108.725 which is in line with 78.6% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap, where we could see a rise from this level to our 1st resistance level of 109.532 in line with 61.8% fibonacci extension and horizontal swing high. Note that price is above the ascending trendline, in line with our bullish analysis.
Pivot: 108.725
Why we like it:
78.6% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap
1st Support: 108.065
Why we like it:
127% fibonacci extension.
1st Resistance: 109.532
Why we like it:
61.8% fibonacci extension and horizontal swing high
Trading FX & CFDs carries high risk.
Price is approaching our Pivot of 108.725 which is in line with 78.6% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap, where we could see a rise from this level to our 1st resistance level of 109.532 in line with 61.8% fibonacci extension and horizontal swing high. Note that price is above the ascending trendline, in line with our bullish analysis.
Pivot: 108.725
Why we like it:
78.6% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap
1st Support: 108.065
Why we like it:
127% fibonacci extension.
1st Resistance: 109.532
Why we like it:
61.8% fibonacci extension and horizontal swing high
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.