USDJPY is facing bearish pressure, potential for more downside

Description:
Price is facing bearish pressure as it is trading below the EMA(34) and is breaking below previous overlap support level at pivot . A drop from our pivot at 104.66 towards 1st support at 104.08 could be possible. Failing to edge below the pivot would see price swing towards 1st resistance where the horizontal swing high is.

Pivot: 106.66
Supporting Points:
50% fib retracement

1st Support: 104.08
Supporting Points:
76.4% fib retracement

1st Resistance: 105.17
Supporting Points:
Horizontal overlap resistance



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