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

Description
Price is approaching our Pivot point of 103.708, which is in line with our Fibonacci confluence, descending trendline resistance and horizontal graphical resistance, where we could see a potential drop from this level to our first support level of 103.124. It is noteworthy that price is trending under a descending trendline, and Stochastics (21,5,3) is reversing from 72% in line with our bearish view.


Pivot: 103.708
Why we like it:
61.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal graphical resistance

1st Support: 103.124
Why we like it:
78.6%, -27% fibonacci retracement and horizontal swing low resistance.

1st Resistance: 103.879
Why we like it:
78.6%, -27% Fibonacci retracement and horizontal graphical resistance.
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