USDJPY reversing towards our Pivot point, potential for drop
Description:
Price is reversing towards our Pivot point at 103.663 which is in line with our 61.8% Fibonacci extension and 61.8% Fibonacci retracement and descending trendline resistance. We could potentially see price drop towards our 1st support level at 103.076, in line with 88% and 100% fibonacci extension. It is worth noting that price is trending under the Ichimoku cloud and a descending trendline.
Pivot: 103.663
Why we like it:
61.8% Fibonacci extension and 61.8% Fibonacci retracement and descending trendline resistance
1st Support: 103.076
Why we like it:
88% and 100% fibonacci extension
1st Resistance: 103.824
Why we like it:
88% fibonacci extension, 88.6% fibonacci retracement and horizontal graphical overlap resistance.
Trading FX & CFDs carries high risk.
Price is reversing towards our Pivot point at 103.663 which is in line with our 61.8% Fibonacci extension and 61.8% Fibonacci retracement and descending trendline resistance. We could potentially see price drop towards our 1st support level at 103.076, in line with 88% and 100% fibonacci extension. It is worth noting that price is trending under the Ichimoku cloud and a descending trendline.
Pivot: 103.663
Why we like it:
61.8% Fibonacci extension and 61.8% Fibonacci retracement and descending trendline resistance
1st Support: 103.076
Why we like it:
88% and 100% fibonacci extension
1st Resistance: 103.824
Why we like it:
88% fibonacci extension, 88.6% fibonacci retracement and horizontal graphical 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.