USDJPY, H4 approaching our Pivot point, potential for a drop.
Description
Price is approaching our Pivot of 103.738, which is in line with 38.2%, 78.6% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 103.286. It is noteworthy that price is trending under a descending trendline and MACD is under the 0 line, in line with our bearish analysis.
Pivot: 103.738
Why we like it:
38.2%, 78.6% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 103.286
Why we like it:
61.8%, 161% Fibonacci retracement, 127% fibonacci extension and horizontal graphical support.
1st Resistance: 103.987
Why we like it:
100% fibonacci extension, 127% fibonacci retracement and descending trendline resistance.
Trading FX & CFDs carries high risk.
Price is approaching our Pivot of 103.738, which is in line with 38.2%, 78.6% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 103.286. It is noteworthy that price is trending under a descending trendline and MACD is under the 0 line, in line with our bearish analysis.
Pivot: 103.738
Why we like it:
38.2%, 78.6% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 103.286
Why we like it:
61.8%, 161% Fibonacci retracement, 127% fibonacci extension and horizontal graphical support.
1st Resistance: 103.987
Why we like it:
100% fibonacci extension, 127% fibonacci retracement and descending trendline resistance.
Trading FX & CFDs carries high risk.
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