#USDJPY broke out of triangle, potential for further upside
Price broke out of symmetrical triangle and is now approaching our pivot level at 109.985 which is in line with 38.2% Fibonacci retracement level and 20EMA. Price could potentially swing towards resistance at 110.44, which is in line with 78.6% Fibonacci retracement level and 100% Fibonacci retracement level and ascending trendline support. RSI is also approaching ascending trendline support for further upside.
Alternatively, price may drop to our support at 109.73, which coincides with 61.8% Fibonacci retracement level, 61.8% Fibonacci retracement level and horizontal overlap support
Pivot:
109.985
Why we like it:
38.2% Fibonacci retracement level and 20EMA
1st Support:
109.73
61.8% Fibonacci retracement level, 61.8% Fibonacci retracement level and horizontal overlap support
1st Resistance:
110.44
78.6% Fibonacci retracement level and 100% Fibonacci retracement level and ascending trendline support
Trading FX & CFDs carries high risk.
Alternatively, price may drop to our support at 109.73, which coincides with 61.8% Fibonacci retracement level, 61.8% Fibonacci retracement level and horizontal overlap support
Pivot:
109.985
Why we like it:
38.2% Fibonacci retracement level and 20EMA
1st Support:
109.73
61.8% Fibonacci retracement level, 61.8% Fibonacci retracement level and horizontal overlap support
1st Resistance:
110.44
78.6% Fibonacci retracement level and 100% Fibonacci retracement level and ascending trendline support
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.