#USDJPY approaching pivot, potential for a drop!

Description

Price is reacting below our pivot level at 109.273 which is in line with 78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance. Price can potentially take support at 108.78, which is in line with -27.2% Fibonacci retracement level, 100% Fibonacci extension level. Alternatively, price may rise up to our resistance at 109.466, which coincides with 61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap resistance . This is further supported by how price is holding below the EMA

Pivot:
109.273

Why we like it:
78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance

1st Support:
108.780
-27.2% Fibonacci retracement level, 100% Fibonacci extension level

1st Resistance:
109.466
61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap resistance
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