#USDJPY approaching pivot, potential for a drop!

Description

Price is reacting below our pivot level at 109.956 which is in line with 78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & 61.8% Fibonacci retracement level. Price can potentially take support at 108.973, which is in line with 78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support. Alternatively, price may rise up to our resistance at 110.255, which coincides with 78.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap resistance. This is further supported by how price is holding within a bearish channel

Pivot:
109.956

Why we like it:
78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & 61.8% Fibonacci retracement level

1st Support:
108.973
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support

1st Resistance:
110.255
78.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap resistance
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