#USDJPY approaching a pivot, potential for a bearish breakout!
Price is approaching pivot point at 113.778 which is in line with 23.6% Fibonacci retracement level & horizontal overlap support. A break and close below this level could see a price swing towards 1st support at 112.098.This level is in line with 161.8% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 114.235, which coincides with , 61.8% Fibonacci extension level . This is further supported by how price is likely to reverse off the RSI resistance level.
Pivot:
113.778
Why we like it:
23.6% Fibonacci retracement level & horizontal overlap support
1st Support:
112.098
Why we like it:
161.8% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap support
1st Resistance:
114.235
Why we like it:
, 61.8% Fibonacci extension level
Trading FX & CFDs carries high risk.
Pivot:
113.778
Why we like it:
23.6% Fibonacci retracement level & horizontal overlap support
1st Support:
112.098
Why we like it:
161.8% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap support
1st Resistance:
114.235
Why we like it:
, 61.8% Fibonacci extension level
Trading FX & CFDs carries high risk.
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