#USDJPY approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 109.719 which is in line with 61.8% Fibonacci retracement level, 78.6% Fibonacci retracement level & horizontal swing low support. Price can potentially take support at 108.976, which is in line with 127.2% Fibonacci extension level & horizontal swing low support. Alternatively, price may rise up to our resistance at 110.598, which coincides with 61.8% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
109.719
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci retracement level & horizontal swing low support
1st Support:
108.976
127.2% Fibonacci extension level & horizontal swing low support
1st Resistance:
110.598
61.8% Fibonacci extension level & horizontal swing high resistance
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