#USDJPY approaching pivot, potentail for a reversal
Price is approaching pivot level of 110.817, which is in line with 38.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal pullback support. A reversal from this level may see price take resistance at price 110.255. This level coincides with 78.6% Fibonacci retracement level & horizontal swing high resistance. Finally, we can expect price to take support at 110.31550.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
110.817
Why we like it:
38.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal pullback support
1st Support:
110.315
Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
110.255
Why we like it:
78.6% Fibonacci retracement level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
110.817
Why we like it:
38.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal pullback support
1st Support:
110.315
Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
110.255
Why we like it:
78.6% Fibonacci retracement level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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