#USDJPY, H4 is reversing from Pivot, potential for a drop.
Description
Price is approaching our Pivot of 110.819 which is in line with -27% fibonacci retracement, 100%, 161.8% fibonacci extension, where we could see a rise from this level to our 1st resistance level of 111.453 in line with -61.8% fibonacci retracement and 161.8% fibonacci extension. It is worth noting that stochastic is showing resistance at 94% where price has dropped, in line with our bearish analysis.
Pivot: 110.819
Why we like it:
-27% fibonacci retracement, 100%, 161.8% fibonacci extension
1st Support: 109.296
Why we like it:
61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap
1st Resistance: 110.091
Why we like it:
78.6%, 88.6% fibonacci retracement and 88.6% fibonacci extension
Trading FX & CFDs carries high risk.
Price is approaching our Pivot of 110.819 which is in line with -27% fibonacci retracement, 100%, 161.8% fibonacci extension, where we could see a rise from this level to our 1st resistance level of 111.453 in line with -61.8% fibonacci retracement and 161.8% fibonacci extension. It is worth noting that stochastic is showing resistance at 94% where price has dropped, in line with our bearish analysis.
Pivot: 110.819
Why we like it:
-27% fibonacci retracement, 100%, 161.8% fibonacci extension
1st Support: 109.296
Why we like it:
61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap
1st Resistance: 110.091
Why we like it:
78.6%, 88.6% fibonacci retracement and 88.6% fibonacci extension
Trading FX & CFDs carries high risk.
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