USDJPY, H4 is approaching our Pivot point, potential for a drop
Description
Price is approaching our Pivot point of 103.416, which is in line with 50%, 23.8% Fibonacci retracement and horizontal graphical resistance, where we could see a potential drop from this level to our first support level of 103.096. It is noteworthy that price is trending under the Ichimoku cloud, and MADC is showing bearish pressure in line with our view.
Pivot: 103.416
Why we like it:
50%, 23.8% Fibonacci retracement and horizontal graphical resistance
1st Support: 103.096
Why we like it:
78.6%, -27% fibonacci retracement and horizontal swing low resistance.
1st Resistance: 103.677
Why we like it:
61.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal graphical resistance.
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point of 103.416, which is in line with 50%, 23.8% Fibonacci retracement and horizontal graphical resistance, where we could see a potential drop from this level to our first support level of 103.096. It is noteworthy that price is trending under the Ichimoku cloud, and MADC is showing bearish pressure in line with our view.
Pivot: 103.416
Why we like it:
50%, 23.8% Fibonacci retracement and horizontal graphical resistance
1st Support: 103.096
Why we like it:
78.6%, -27% fibonacci retracement and horizontal swing low resistance.
1st Resistance: 103.677
Why we like it:
61.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal graphical resistance.
Trading FX & CFDs carries high risk.
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