#USDJPY approaching pivot, potential for a bounce!
Price is approaching pivot level of 110.817, which is in line with 38.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal pullback support. A reversal from this level may see price take resistance at price 112.381. This level coincides with 78.6% Fibonacci extension level & horizontal swing high resistance. Finally, we can expect price to take support at 110.31550.0% Fibonacci retracement level, 61.8% Fibonacci retracement level & horizontal swing low support . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
110.817
Why we like it:
38.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal pullback support
1st Support:
110.315
Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci retracement level & horizontal swing low support
1st Resistance:
112.381
Why we like it:
78.6% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
110.817
Why we like it:
38.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal pullback support
1st Support:
110.315
Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci retracement level & horizontal swing low support
1st Resistance:
112.381
Why we like it:
78.6% Fibonacci extension 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.