USDJPY, H4 approaching our Pivot point, potential for a drop.

Description
Price has reversed from our Pivot of 109.042, which is in line with 61.8% fibonacci retracement, 61.8%, 100% fibonacci extension and horizontal graphical overlap, where we could see a drop from this level to our 1st Support level of 108.625, in line with 78.6% fibonacci retracement and 88% fibonacci extension. Do note that price is trending within a bearish channel, in line with our bearish view.

Pivot: 109.042
Why we like it:
61.8% fibonacci retracement, 61.8%, 100% fibonacci extension and horizontal graphical overlap

1st Support: 108.625
Why we like it:
78.6% fibonacci retracement and 88% fibonacci extension

1st Resistance: 109.316
Why we like it:
88% fibonacci retracement, 100%, 161.8% fibonacci extension and horizontal swing high resistance.

Trading FX & CFDs carries high risk.