#USDJPY approaching pivot, potential for a drop!
Price is reacting below our pivot level at 109.877 which is in line with 50.0% Fibonacci retracement level, 100% Fibonacci extension level. Price can potentially take support at 109.424, which is in line with 78.6% Fibonacci retracement level & horizontal swing low support. Alternatively, price may rise up to our resistance at 110.056, which coincides with 161.8% Fibonacci extension level & horizontal overlap resistance . This is further supported by how price is holding below the EMA
Pivot:
109.877
Why we like it:
50.0% Fibonacci retracement level, 100% Fibonacci extension level
1st Support:
109.424
78.6% Fibonacci retracement level & horizontal swing low support
1st Resistance:
110.056
161.8% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
109.877
Why we like it:
50.0% Fibonacci retracement level, 100% Fibonacci extension level
1st Support:
109.424
78.6% Fibonacci retracement level & horizontal swing low support
1st Resistance:
110.056
161.8% Fibonacci extension level & horizontal 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.