#USDJPY approaching pivot, potential for a drop!
Price is reacting below our pivot level at 113.412 which is in line with 100% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap support. Price can potentially take support at 112.751, which is in line with & horizontal swing low support. Alternatively, price may rise up to our resistance at 113.788, which coincides with 38.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
113.412
Why we like it:
100% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap support
1st Support:
112.751
& horizontal swing low support
1st Resistance:
113.788
38.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
113.412
Why we like it:
100% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap support
1st Support:
112.751
& horizontal swing low support
1st Resistance:
113.788
38.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
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