#USDJPY reacting at pivot, potential for drop!

Price is reacting below our pivot level at 109.985 which is in line with 78.6% Fibonacci retracement, 161.8% Fibonacci extension and descending trendline resistance. Price could potentially drop to support at 109.340, in-line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension.
Alternatively, price may swing towards resistance at 110.190, in-line with 78.6% Fibonacci retracement and 200% Fibonacci extension.

Pivot:
109.985

Why we like it:
78.6% Fibonacci retracement,161.8% Fibonacci extension and descending trendline resistance

1st Support:
109.340
61.8% Fibonacci retracement and 61.8% Fibonacci extension

1st Resistance:
110.190
78.6% Fibonacci retracement and 200% Fibonacci extension

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