USDJPY, H4 reversed from our Pivot point, potential for a drop.
Description
Price has reversed from our Pivot of 105.231, which is in line with 38.2%, 23.6% fibonacci retracement, moving average and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 104.662. It is worth noting that price is trending under the moving average, in line with our bearish view.
Pivot: 105.231
Why we like it:
38.2%, 23.6% fibonacci retracement, moving average and horizontal graphical overlap
1st Support: 104.662.
Why we like it:
50% Fibonacci retracement, 127% fibonacci extension and horizontal graphical support.
1st Resistance: 105.567
Why we like it:
61.8% fibonacci extension and 78.6% fibonacci retracement.
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot of 105.231, which is in line with 38.2%, 23.6% fibonacci retracement, moving average and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 104.662. It is worth noting that price is trending under the moving average, in line with our bearish view.
Pivot: 105.231
Why we like it:
38.2%, 23.6% fibonacci retracement, moving average and horizontal graphical overlap
1st Support: 104.662.
Why we like it:
50% Fibonacci retracement, 127% fibonacci extension and horizontal graphical support.
1st Resistance: 105.567
Why we like it:
61.8% fibonacci extension and 78.6% fibonacci retracement.
Trading FX & CFDs carries high risk.
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