USDJPY, H4 is reversing from Pivot point, potential for a drop
Description:
Price is reversing from our Pivot point at 104.240 which is in line with our 61.8% Fibonacci extension and 50% Fibonacci retracement and descending trendline resistance. We could potentially see price drop towards our 1st support level at 103.653, in line with 61.8% fibonacci extension and horizontal swing low support. It is worth noting that price is trending under the Ichimoku cloud as well as descending trendline are showing bearish pressure in line with our analysis.
Pivot: 104.240
Why we like it:
61.8% Fibonacci extension and 50% Fibonacci retracement and descending trendline resistance
1st Support: 103.653
Why we like it:
61.8% fibonacci extension and horizontal swing low support
1st Resistance: 104.519
Why we like it:
78.6% Fibonacci retracement, 88% Fibonacci extension and horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reversing from our Pivot point at 104.240 which is in line with our 61.8% Fibonacci extension and 50% Fibonacci retracement and descending trendline resistance. We could potentially see price drop towards our 1st support level at 103.653, in line with 61.8% fibonacci extension and horizontal swing low support. It is worth noting that price is trending under the Ichimoku cloud as well as descending trendline are showing bearish pressure in line with our analysis.
Pivot: 104.240
Why we like it:
61.8% Fibonacci extension and 50% Fibonacci retracement and descending trendline resistance
1st Support: 103.653
Why we like it:
61.8% fibonacci extension and horizontal swing low support
1st Resistance: 104.519
Why we like it:
78.6% Fibonacci retracement, 88% Fibonacci extension and horizontal swing high resistance
Trading FX & CFDs carries high risk.
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