#USDJPY approaching pivot, potentail for a reversal!
Price is approaching pivot level of 114.358 where we have 127.2% Fibonacci extension level & horizontal swing high resistance lining up. A reversal from this level might see price take support at 112.167, which is in line with 38.2% Fibonacci retracement level & horizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 114.617, which coincides with horizontal overlap resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
114.358
Why we like it:
127.2% Fibonacci extension level & horizontal swing high resistance
1st Support:
112.167
Why we like it:
38.2% Fibonacci retracement level & horizontal overlap support
1st Resistance:
114.617
Why we like it:
horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
114.358
Why we like it:
127.2% Fibonacci extension level & horizontal swing high resistance
1st Support:
112.167
Why we like it:
38.2% Fibonacci retracement level & horizontal overlap support
1st Resistance:
114.617
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.