#USDJPY approaching pivot, potential for bullish bounce!
Description
Price is approaching pivot level of 110.016, which is in line with 161.8% Fibonacci extension level & horizontal swing low support. A reversal from this level may see price take resistance at price 110.816. This level coincides with -27.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance. Finally, we can expect price to take support at 161.8%% Fibonacci retracement level & horizontal swing low support . This is further supported by how MACD is holding above the 0 line.
Pivot:
110.016
Why we like it:
161.8% Fibonacci extension level & horizontal swing low support
1st Support:
109.015
161.8% Fibonacci retracement level & horizontal swing low support
1st Resistance:
110.816
-27.2%Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 110.016, which is in line with 161.8% Fibonacci extension level & horizontal swing low support. A reversal from this level may see price take resistance at price 110.816. This level coincides with -27.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance. Finally, we can expect price to take support at 161.8%% Fibonacci retracement level & horizontal swing low support . This is further supported by how MACD is holding above the 0 line.
Pivot:
110.016
Why we like it:
161.8% Fibonacci extension level & horizontal swing low support
1st Support:
109.015
161.8% Fibonacci retracement level & horizontal swing low support
1st Resistance:
110.816
-27.2%Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.