#USDJPY is testing pivot, potential for a drop!
Price is testing below our pivot level at 109.863 which is in line with 78.6% Fibonacci retracement level. Price can potentially take support at 109.443, which is in line with -27.2% Fibonacci retracement level, 100% Fibonacci extension level & 161.8% Fibonacci retracement level. Alternatively, price may rise up to our resistance at 110.317, which coincides with 61.8% Fibonacci retracement level & horizontal swing high resistance . This is further supported by price trending under the descending trendline
Pivot:
109.863
Why we like it:
78.6% Fibonacci retracement level
1st Support:
109.443
-27.2%Fibonacci retracement level, 100% Fibonacci extension level & 161.8% Fibonacci retracement level
1st Resistance:
110.317
61.8% Fibonacci retracement level & horizontal swing high resistance
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