#USDJPY approaching pivot, potential for a drop!

22 Tem 2021

Description

Price is reacting below our pivot level at 110.342 which is in line with 78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance. Price can potentially take support at 109.573, which is in line with 61.8% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support. Alternatively, price may rise up to our resistance at 110.7, which coincides with 61.8% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap resistance . This is further supported by how price is holding within the bearish channel

Pivot:
110.342

Why we like it:
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance

1st Support:
109.573
61.8% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support

1st Resistance:
110.700
61.8% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.