#USDJPY, H4 is testing Pivot point, potential for a drop.
Description Price is testing our Pivot of 109.472 which is in line with 88.6% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap, where we could see a drop from this level to our 1st Support level of 109.094 in line with 127% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap. It is worth noting that price is under the moving average,in line with our bearish analysis.
Pivot: 109.472 Why we like it: 88.6% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
1st Support: 109.094 Why we like it: 127% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
1st Resistance: 109.749 Why we like it: 50% fibonacci retracement and 61.8% fibonacci extension
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