#USDJPY approaching pivot, potential for a drop!
Price is reacting below our pivot level at 113.77 which is in line with 61.8% Fibonacci extension level, 38.2% Fibonacci retracement level & horizontal overlap support. Price can potentially take support at 112.066, which is in line with 50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support. Alternatively, price may rise up to our resistance at 114.438, which coincides with , 78.6% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
113.770
Why we like it:
61.8% Fibonacci extension level, 38.2% Fibonacci retracement level & horizontal overlap support
1st Support:
112.066
Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support
1st Resistance:
114.438
Why we like it:
, 78.6% Fibonacci extension level & horizontal swing high resistance
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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.