USDJPY, H4 reversed from our Pivot point, potential for a drop.
Description
Price has reversed from our Pivot of 104.257, which is in line with 78.6%, 127% Fibonacci retracement, 161.8% fibonacci extension and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 103.248. It is noteworthy that price is trending within a bearish channel, in line with our bearish view.
Pivot: 104.257
Why we like it:
78.6%, 127% Fibonacci retracement, 161.8% fibonacci extension and horizontal graphical overlap
1st Support: 103.248
Why we like it:
50%, 61.8% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical area.
1st Resistance: 105.201
Why we like it:
241.4% fibonacci extension, 127% and 200% fibonacci retracement
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot of 104.257, which is in line with 78.6%, 127% Fibonacci retracement, 161.8% fibonacci extension and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 103.248. It is noteworthy that price is trending within a bearish channel, in line with our bearish view.
Pivot: 104.257
Why we like it:
78.6%, 127% Fibonacci retracement, 161.8% fibonacci extension and horizontal graphical overlap
1st Support: 103.248
Why we like it:
50%, 61.8% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical area.
1st Resistance: 105.201
Why we like it:
241.4% fibonacci extension, 127% and 200% fibonacci retracement
Trading FX & CFDs carries high risk.
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