#USDJPY retesting breakout trendline, potential for bounce
Price has came back to retest breakout trendline at our pivot level at 109.900 which is in line with 61.8% Fibonacci retracement level, 61.8% Fibonacci extension level and trendline support. Price could potentially swing towards resistance at 110.80, which is in line with 100% Fibonacci retracement level and 127.2% Fibonacci extension level. RSI is also at ascending support trendline where previous bounces occurred.
Alternatively, price may drop to our support at 109.580, which coincides with 100% Fibonacci retracement level and 100% Fibonacci extension level.
Pivot:
109.900
Why we like it:
61.8% Fibonacci retracement level, 61.8% Fibonacci extension level and trendline support
1st Support:
109.580
100% Fibonacci retracement level and 100% Fibonacci extension level
1st Resistance:
110.80
100% Fibonacci retracement level and 127.2% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price may drop to our support at 109.580, which coincides with 100% Fibonacci retracement level and 100% Fibonacci extension level.
Pivot:
109.900
Why we like it:
61.8% Fibonacci retracement level, 61.8% Fibonacci extension level and trendline support
1st Support:
109.580
100% Fibonacci retracement level and 100% Fibonacci extension level
1st Resistance:
110.80
100% Fibonacci retracement level and 127.2% Fibonacci extension level
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.