#USDJPY, H4 approaching our pivot, potential for bullish bounce

Description

Price has broken above our pivot level at 110.258 which is in line with 61.8% Fibonacci retracement level, 78.6% Fibonacci extension level. We could potentially see a further rise from here towards 111.469, which coincides with 127.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance. Finally, we can expect price to take support at 109.7, which coincides with 127.2% Fibonacci extension level & horizontal swing low support . This is further supported by how price is likely to bounce off the Stochastic support level .

Pivot:
110.258

Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing low support

1st Support:
109.700
127.2% Fibonacci extension level & horizontal swing low support

1st Resistance:
111.469
127.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance
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