#USDJPY approaching pivot, potential for further upside
Price is reacting above our pivot level at 109.76 which is in line with 38.2% Fibonacci retracement level, 61.8% Fibonacci retracement level & 20EMA. Price could potentially push up further to resistance at 110.44, which is in line with 78.6% Fibonacci retracement level, 161.8% Fibonacci retracement level and horizontal overlap resistance.
Alternatively, price may drop to our support at 109.17, which coincides with 78.6% Fibonacci retracement level and 161.8% Fibonacci retracement level
Pivot:
109.76
Why we like it:
38.2% Fibonacci retracement level, 61.8% Fibonacci retracement level & 20EMA
1st Support:
109.17
78.6% Fibonacci retracement level and 161.8% Fibonacci retracement level
1st Resistance:
110.44
78.6% Fibonacci retracement level, 161.8% Fibonacci retracement level and horizontal overlap resistance
Trading FX & CFDs carries high risk.
Alternatively, price may drop to our support at 109.17, which coincides with 78.6% Fibonacci retracement level and 161.8% Fibonacci retracement level
Pivot:
109.76
Why we like it:
38.2% Fibonacci retracement level, 61.8% Fibonacci retracement level & 20EMA
1st Support:
109.17
78.6% Fibonacci retracement level and 161.8% Fibonacci retracement level
1st Resistance:
110.44
78.6% Fibonacci retracement level, 161.8% Fibonacci retracement level and horizontal overlap resistance
Trading FX & CFDs carries high risk.
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