USDJPY, H4 has broken beneath our Pivot, potential for a drop

Description
Price has broken under our Pivot of 109.035 which is in line with 78.6% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap, where we could see a drop from this level to our 1st Support level of 108.403, in line with 161.8% fibonacci retracement, 100% fibonacci extension and horizontal swing low support. Do note that price is trending under the moving average, in line with our bearish view.

Pivot: 109.035
Why we like it:
78.6% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap

1st Support: 108.403
Why we like it:
161.8% fibonacci retracement, 100% fibonacci extension and horizontal swing low support

1st Resistance: 109.303
Why we like it:
61.8% fibonacci extension and horizontal graphical overlap.

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