USDJPY approaching pivot, potential for a drop!

Price is reacting below our pivot level at 113.661 which is in line with 38.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance. Price can potentially take support at 112, which is in line with 50.0% Fibonacci retracement level & horizontal overlap support. Alternatively, price may rise up to our resistance at 114, which coincides with 100% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.

Pivot:
113.661
Why we like it:
38.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance

1st Support:
112.000
Why we like it:
50.0% Fibonacci retracement level & horizontal overlap support

1st Resistance:
114.000
Why we like it:
100% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal swing high resistance
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