#USDJPY approaching pivot, potential for rise!
Price has broken above our pivot level at 112.739 which is in line with & horizontal swing low support . We could potentially see a further rise from here towards 113.784, which coincides with 38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance. Finally, we can expect price to take support at 112.039, which coincides with 127.2% Fibonacci retracement level & horizontal overlap support . This is further supported by how price is likely to bounce off the RSI support level .
Pivot:
112.739
Why we like it:
& horizontal swing low support
1st Support:
112.039
Why we like it:
127.2% Fibonacci retracement level & horizontal overlap support
1st Resistance:
113.784
Why we like it:
38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
112.739
Why we like it:
& horizontal swing low support
1st Support:
112.039
Why we like it:
127.2% Fibonacci retracement level & horizontal overlap support
1st Resistance:
113.784
Why we like it:
38.2% Fibonacci retracement level, 61.8% 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.