#USDJPY approaching pivot, potential for a drop!

Price is reacting below our pivot level at 113.767 which is in line with 38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support. Price can potentially take support at 112.741, which is in line with 61.8% Fibonacci retracement level & horizontal swing low support. Alternatively, price may rise up to our resistance at 113.784, which coincides with 38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.

Pivot:
113.767
Why we like it:
38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support

1st Support:
112.741
Why we like it:
61.8% Fibonacci retracement level & horizontal swing low support

1st Resistance:
113.784
Why we like it:
38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance

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