#USDJPY, H4 approaching pivot, potential for bearish reversal
Description
Price is reacting below key pivot level of 111.295 where we have 127.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support lining up. A drop below this level might see price take support at 110.421, which is in line with 50.0% Fibonacci retracement level, 100% Fibonacci extension level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 112.001, which coincides with 100% Fibonacci extension level, -61.8% Fibonacci retracement level. This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
111.295
Why we like it:
127.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support
1st Support:
110.421
50.0% Fibonacci retracement level, 100% Fibonacci extension level & horizontal swing low support
1st Resistance:
112.001
100% Fibonacci extension level, -61.8% Fibonacci retracement level.
Trading FX & CFDs carries high risk.
Price is reacting below key pivot level of 111.295 where we have 127.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support lining up. A drop below this level might see price take support at 110.421, which is in line with 50.0% Fibonacci retracement level, 100% Fibonacci extension level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 112.001, which coincides with 100% Fibonacci extension level, -61.8% Fibonacci retracement level. This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
111.295
Why we like it:
127.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support
1st Support:
110.421
50.0% Fibonacci retracement level, 100% Fibonacci extension level & horizontal swing low support
1st Resistance:
112.001
100% Fibonacci extension level, -61.8% Fibonacci retracement level.
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.