USDJPY is facing bearish pressure, potential for more downside
Description:
Price is facing bearish pressure as it is now holding below the Ichimoku cloud, in line with our bearish bias. A drop from our pivot at 103.962 towards 1st support at 104.565 could be possible. Failing to edge above the pivot would see price swing towards 1st resistance where graphical swing high resistance and 161.8% Fibonacci extension is.
Pivot: 103.962
Supporting Points:
61.% Fibonacci retracement, 100% Fibonacci extension, graphical pullback resistance
1st Support: 103.565
Supporting Points:
50% Fibonacci extension and graphical swing low support
1st Resistance: 104.161
Supporting Points:
161.8% Fibonacci extension and graphical swing high resistance
Trading FX & CFDs carries high risk.
Price is facing bearish pressure as it is now holding below the Ichimoku cloud, in line with our bearish bias. A drop from our pivot at 103.962 towards 1st support at 104.565 could be possible. Failing to edge above the pivot would see price swing towards 1st resistance where graphical swing high resistance and 161.8% Fibonacci extension is.
Pivot: 103.962
Supporting Points:
61.% Fibonacci retracement, 100% Fibonacci extension, graphical pullback resistance
1st Support: 103.565
Supporting Points:
50% Fibonacci extension and graphical swing low support
1st Resistance: 104.161
Supporting Points:
161.8% Fibonacci extension and graphical swing high resistance
Trading FX & CFDs carries high risk.