#USDJPY, H4 approaching Pivot point, potential for a bounce.
Description
Price is approaching our Pivot of 109.748 which is in line with 78.6% fibonacci extension and horizontal graphical overlap, where we could see a rise from this level to our 1st resistance level of 110.387 in line with 127% fibonacci extension. Note that MACD is above the 0-line, in line with our bullish analysis.
Pivot: 109.748
Why we like it:
78.6% fibonacci extension and horizontal graphical overlap
1st Support: 109.392
Why we like it:
61.8% fibonacci retracement, 50% fibonacci extension and horizontal swing low.
1st Resistance: 110.387
Why we like it:
127% fibonacci extension.
Trading FX & CFDs carries high risk.
Price is approaching our Pivot of 109.748 which is in line with 78.6% fibonacci extension and horizontal graphical overlap, where we could see a rise from this level to our 1st resistance level of 110.387 in line with 127% fibonacci extension. Note that MACD is above the 0-line, in line with our bullish analysis.
Pivot: 109.748
Why we like it:
78.6% fibonacci extension and horizontal graphical overlap
1st Support: 109.392
Why we like it:
61.8% fibonacci retracement, 50% fibonacci extension and horizontal swing low.
1st Resistance: 110.387
Why we like it:
127% fibonacci extension.
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.