#USDJPY approaching pivot, potential for rise!
Price has broken above our pivot level at 114.369 which is in line with 50.0% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap resistance . We could potentially see a further rise from here towards 114.641, which coincides with 78.6% Fibonacci extension level & horizontal swing high resistance. Finally, we can expect price to take support at 114.036, which coincides with 61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
114.369
Why we like it:
50.0% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap resistance
1st Support:
114.036
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support
1st Resistance:
114.641
78.6% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
114.369
Why we like it:
50.0% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap resistance
1st Support:
114.036
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support
1st Resistance:
114.641
78.6% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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