#USDJPY approaching pivot, potential for rise!
Price has broken above our pivot level at 114.449 which is in line with 78.6% Fibonacci extension level, 38.2% Fibonacci retracement level & horizontal overlap support . We could potentially see a further rise from here towards 115.471, which coincides with 78.6% Fibonacci extension level & horizontal swing high resistance. Finally, we can expect price to take support at 113.772, which coincides with 127.2% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
114.449
Why we like it:
78.6% Fibonacci extension level, 38.2% Fibonacci retracement level & horizontal overlap support
1st Support:
113.772
127.2% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap support
1st Resistance:
115.471
78.6% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
114.449
Why we like it:
78.6% Fibonacci extension level, 38.2% Fibonacci retracement level & horizontal overlap support
1st Support:
113.772
127.2% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap support
1st Resistance:
115.471
78.6% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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