USDJPY, H4 is approaching our Pivot point, potential for a drop

Description
Price is under our Pivot of 108.309 which is in line with 61.8% fibonacci retracement, 88% fibonacci extension and horizontal graphical overlap, where we could see a drop from this level to our 1st Support level of 107.484, in line with -61.8% fibonacci retracement and 127% fibonacci extension. Do note that price is trending under the moving average, in line with our bearish view.

Pivot: 108.309
Why we like it:
61.8% fibonacci retracement, 88% fibonacci extension and horizontal graphical overlap

1st Support: 107.484
Why we like it:
-61.8% fibonacci retracement and 127% fibonacci extension

1st Resistance: 108.794
Why we like it:
61.8% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap.

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