USDJPY is facing bearish pressure potential for further downside

Prices are facing bearish pressure from pivot which is in line with horizontal pullback resistance and 61.8% Fibonacci retracement and 161.8% Fibonacci extension. Prices might push down towards 1st support which is a horizontal swing low support, in line with 78.6% FIbonacci extension. If prices push up higher, prices might face resistance from 1st resistance which is in line with 100% Fibonacci extension and 50% FIbonacci retracement. EMA is also above prices, showing bearish pressure for prices.


Pivot: 108.460
Why we like it:
Horizontal pullback resistance, 61.8% Fibonacci retracement, 161.8% Fibonacci extension

1st Support: 107.974
Why we like it:
Horizontal swing low support, 78.6% Fibonacci extension

1st Resistance: 108.966
Why we like it:
Horizontal swing high resistance, 50% Fibonacci retracement, 100% Fibonacci extension

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