USDJPY, H4 approaching our Pivot point, potential for a drop.
Description
Price is approaching our Pivot of 103.738, which is in line with 38.2%, 78.6% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 103.286. It is noteworthy that price is trending under a descending trendline and MACD is under the 0 line, in line with our bearish analysis.
Pivot: 103.738
Why we like it:
38.2%, 78.6% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 103.286
Why we like it:
61.8%, 161% Fibonacci retracement, 127% fibonacci extension and horizontal graphical support.
1st Resistance: 103.987
Why we like it:
100% fibonacci extension, 127% fibonacci retracement and descending trendline resistance.
Trading FX & CFDs carries high risk.
Price is approaching our Pivot of 103.738, which is in line with 38.2%, 78.6% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 103.286. It is noteworthy that price is trending under a descending trendline and MACD is under the 0 line, in line with our bearish analysis.
Pivot: 103.738
Why we like it:
38.2%, 78.6% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 103.286
Why we like it:
61.8%, 161% Fibonacci retracement, 127% fibonacci extension and horizontal graphical support.
1st Resistance: 103.987
Why we like it:
100% fibonacci extension, 127% fibonacci retracement and descending trendline 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.
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.