#USDJPY approaching pivot, potential for a drop!
Price is reacting below our pivot level at 113.767 which is in line with 38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support. Price can potentially take support at 112.741, which is in line with 61.8% Fibonacci retracement level & horizontal swing low support. Alternatively, price may rise up to our resistance at 113.784, which coincides with 38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
113.767
Why we like it:
38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support
1st Support:
112.741
Why we like it:
61.8% Fibonacci retracement level & horizontal swing low support
1st Resistance:
113.784
Why we like it:
38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
113.767
Why we like it:
38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support
1st Support:
112.741
Why we like it:
61.8% Fibonacci retracement level & horizontal swing low support
1st Resistance:
113.784
Why we like it:
38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.