#USDJPY approaching pivot, potential for bullish bounce!
Description
Price is approaching pivot level of 110.016, which is in line with 161.8% Fibonacci extension level & horizontal swing low support. A reversal from this level may see price take resistance at price 110.816. This level coincides with -27.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance. Finally, we can expect price to take support at 161.8%% Fibonacci retracement level & horizontal swing low support . This is further supported by how MACD is holding above the 0 line.
Pivot:
110.016
Why we like it:
161.8% Fibonacci extension level & horizontal swing low support
1st Support:
109.015
161.8% Fibonacci retracement level & horizontal swing low support
1st Resistance:
110.816
-27.2%Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 110.016, which is in line with 161.8% Fibonacci extension level & horizontal swing low support. A reversal from this level may see price take resistance at price 110.816. This level coincides with -27.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance. Finally, we can expect price to take support at 161.8%% Fibonacci retracement level & horizontal swing low support . This is further supported by how MACD is holding above the 0 line.
Pivot:
110.016
Why we like it:
161.8% Fibonacci extension level & horizontal swing low support
1st Support:
109.015
161.8% Fibonacci retracement level & horizontal swing low support
1st Resistance:
110.816
-27.2%Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high 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.