USDJPY, H4 bounced from Pivot point, potential for a rise.
Description
Price has bounced from our Pivot of 108.126, which is in line with 38.2%, 61.8% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap, where we could see a rise from this level to our 1st Resistance level of 108.879, a fibonacci confluence level. Do note that price is trending above the moving average and Ichimoku cloud, in line with our bullish view.
Pivot: 108.126
Why we like it:
38.2%, 61.8% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap
1st Support: 107.607
Why we like it:
61.8% and 127% fibonacci retracement
1st Resistance: 108.879
Why we like it:
-27% fibonacci retracement and 88%, 88% fibonacci extension.
Trading FX & CFDs carries high risk.
Price has bounced from our Pivot of 108.126, which is in line with 38.2%, 61.8% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap, where we could see a rise from this level to our 1st Resistance level of 108.879, a fibonacci confluence level. Do note that price is trending above the moving average and Ichimoku cloud, in line with our bullish view.
Pivot: 108.126
Why we like it:
38.2%, 61.8% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap
1st Support: 107.607
Why we like it:
61.8% and 127% fibonacci retracement
1st Resistance: 108.879
Why we like it:
-27% fibonacci retracement and 88%, 88% fibonacci extension.
Trading FX & CFDs carries high risk.
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