#USDJPY approaching pivot, potential for a reversal!
Price is approaching pivot level of 114.465 where we have 23.6% Fibonacci retracement level, 78.6% Fibonacci retracement level & horizontal overlap resistance lining up. A reversal from this level might see price take support at 112.042, which is in line with 38.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 116.21, which coincides with horizontal overlap resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
114.465
Why we like it:
23.6% Fibonacci retracement level, 78.6% Fibonacci retracement level & horizontal overlap resistance
1st Support:
112.042
Why we like it:
38.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support
1st Resistance:
116.210
Why we like it:
horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
114.465
Why we like it:
23.6% Fibonacci retracement level, 78.6% Fibonacci retracement level & horizontal overlap resistance
1st Support:
112.042
Why we like it:
38.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support
1st Resistance:
116.210
Why we like it:
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.