#USDJPY approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 109.956 which is in line with 78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & 61.8% Fibonacci retracement level. Price can potentially take support at 108.973, which is in line with 78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support. Alternatively, price may rise up to our resistance at 110.255, which coincides with 78.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap resistance. This is further supported by how price is holding within a bearish channel
Pivot:
109.956
Why we like it:
78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & 61.8% Fibonacci retracement level
1st Support:
108.973
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
110.255
78.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap resistance
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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.