USDJPY bouncing from our Pivot point, potential for a rise
Description
Price is bouncing from our Pivot of 103.865, which is in line with 38.2%, 50% Fibonacci retracement and horizontal graphical overlap, where we could see a potential rise from this level to our first resistance level of 104.357. It is noteworthy that price is trending above the Ichimoku cloud and MACD is above the 0 line, which is in line with our bullish view.
Pivot: 103.865
Why we like it:
38.2%, 50% Fibonacci retracement and horizontal graphical overlap
1st Support: 103.445
Why we like it:
78.6%, 127% Fibonacci retracement, 88% fibonacci extension and horizontal graphical area.
1st Resistance: 104.357
Why we like it:
100% fibonacci extension, -27% fibonacci retracement and swing high resistance
Trading FX & CFDs carries high risk.
Price is bouncing from our Pivot of 103.865, which is in line with 38.2%, 50% Fibonacci retracement and horizontal graphical overlap, where we could see a potential rise from this level to our first resistance level of 104.357. It is noteworthy that price is trending above the Ichimoku cloud and MACD is above the 0 line, which is in line with our bullish view.
Pivot: 103.865
Why we like it:
38.2%, 50% Fibonacci retracement and horizontal graphical overlap
1st Support: 103.445
Why we like it:
78.6%, 127% Fibonacci retracement, 88% fibonacci extension and horizontal graphical area.
1st Resistance: 104.357
Why we like it:
100% fibonacci extension, -27% fibonacci retracement and swing high resistance
Trading FX & CFDs carries high risk.
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