#USDJPY, H4 is reversing from Pivot, potential for a drop.
Description
Price is reversing from our Pivot of 111.000 which is in line with 78.6% fibonacci retracement and horizontal graphical swing high, where we could see a drop from this level to our 1st support level of 110.282, in line with 50% fibonacci retracement and 61.8% fibonacci extension. It is worth noting that Stochastics has previously reversed from the 94% level, in line with our bearish analysis.
Pivot: 111.000
Why we like it:
78.6% fibonacci retracement and horizontal graphical swing high
1st Support: 110.282
Why we like it:
50% fibonacci retracement and 61.8% fibonacci extension
1st Resistance: 111.357
Why we like it:
-27% fibonacci retracement and 100% fibonacci extension
Trading FX & CFDs carries high risk.
Price is reversing from our Pivot of 111.000 which is in line with 78.6% fibonacci retracement and horizontal graphical swing high, where we could see a drop from this level to our 1st support level of 110.282, in line with 50% fibonacci retracement and 61.8% fibonacci extension. It is worth noting that Stochastics has previously reversed from the 94% level, in line with our bearish analysis.
Pivot: 111.000
Why we like it:
78.6% fibonacci retracement and horizontal graphical swing high
1st Support: 110.282
Why we like it:
50% fibonacci retracement and 61.8% fibonacci extension
1st Resistance: 111.357
Why we like it:
-27% fibonacci retracement and 100% fibonacci extension
Trading FX & CFDs carries high risk.
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