#USDJPY broke trendline support, potential for drop!
Price is approaching our pivot level at 109.940 which is in line with 38.2% Fibonacci retracement level, trendline and moving averages resistance. Price could potentially drop to support at 109.120, in-line with -61.8% Fibonacci retracement level and 61.8% Fibonacci extension level.
Alternatively, price may swing towards resistance at 110.140, in-line with 61.8% Fibonacci retracement level and 61.8% Fibonacci extension level.
Pivot:
109.940
Why we like it:
38.2% Fibonacci retracement level, trendline and moving averages resistance
1st Support:
109.120
-61.8% Fibonacci retracement level and 61.8% Fibonacci extension level
1st Resistance:
110.140
61.8% Fibonacci retracement level and 61.8% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price may swing towards resistance at 110.140, in-line with 61.8% Fibonacci retracement level and 61.8% Fibonacci extension level.
Pivot:
109.940
Why we like it:
38.2% Fibonacci retracement level, trendline and moving averages resistance
1st Support:
109.120
-61.8% Fibonacci retracement level and 61.8% Fibonacci extension level
1st Resistance:
110.140
61.8% Fibonacci retracement level and 61.8% Fibonacci extension level
Trading FX & CFDs carries high risk.
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