USDJPY, H4 is breaking our Pivot point, potential for a drop.
Description
Price is approaching our Pivot of 102.927, which is in line with 61.8%, 50%, 78.6% Fibonacci retracement, 50% fibonacci extension, descending trendline resistance and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 102.629. It is noteworthy that price is trending under the Ichimoku cloud, descending trendline and MACD is showing bearish pressure in line with our view.
Pivot: 102.927
Why we like it:
61.8%, 50%, 78.6% Fibonacci retracement, 50% fibonacci extension, descending trendline resistance and horizontal graphical overlap
1st Support: 102.629
Why we like it:
100% fibonacci extension and horizontal swing low.
1st Resistance: 103.132
Why we like it:
78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal graphical resistance.
Trading FX & CFDs carries high risk.
Price is approaching our Pivot of 102.927, which is in line with 61.8%, 50%, 78.6% Fibonacci retracement, 50% fibonacci extension, descending trendline resistance and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 102.629. It is noteworthy that price is trending under the Ichimoku cloud, descending trendline and MACD is showing bearish pressure in line with our view.
Pivot: 102.927
Why we like it:
61.8%, 50%, 78.6% Fibonacci retracement, 50% fibonacci extension, descending trendline resistance and horizontal graphical overlap
1st Support: 102.629
Why we like it:
100% fibonacci extension and horizontal swing low.
1st Resistance: 103.132
Why we like it:
78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal graphical resistance.
Trading FX & CFDs carries high risk.
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