USDJPY is approaching Pivot, potential for a bounce.

Price is approaching our Pivot point which is in line with our 38.2% Fibonacci retracement, 38.2% Fibonacci extension and horizontal overlap support. We could potentially see price bounce at this level and make a further rise to our 1st resistance level at 106.691, which is in line with our -27.2% FIbonacci retracement and 61.8% Fibonacci extension. It is worth noting that price is still trending above the Ichimoku cloud, in line with our bullish bias.

Pivot: 105.707
Why we like it:
38.2% Fibonacci retracement, 38.2% Fibonacci extension and horizontal overlap support

1st Support: 104.844
Why we like it:
78.6 fibonacci retracement, 100% Fibonacci extension and horizontal overlap support

1st Resistance: 105.691
Why we like it:
-27.2% FIbonacci retracement and 61.8% Fibonacci extension

Trading FX & CFDs carries high risk.