#USDJPY approaching pivot, potential for a drop!
Price is reacting below our pivot level at 114.294 which is in line with , 78.6% Fibonacci extension level & horizontal overlap resistance. Price can potentially take support at 113.42, which is in line with 38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support. Alternatively, price may rise up to our resistance at 114.641, which coincides with & horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
114.294
Why we like it:
, 78.6% Fibonacci extension level & horizontal overlap resistance
1st Support:
113.420
38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support
1st Resistance:
114.641
& horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
114.294
Why we like it:
, 78.6% Fibonacci extension level & horizontal overlap resistance
1st Support:
113.420
38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support
1st Resistance:
114.641
& 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.