#USDJPY broke down from bear flag, potential for drop!
Price is retracing back to our pivot level at 109.855, in-line with 50% Fibonacci retracement level, 20EMA and trendline resistance. Price could potentially drop to support at 109.335, in-line with 78.6% Fibonacci retracement and 100% Fibonacci extension level.
Alternatively, price bounced to our resistance at 110.080, in-line with 61.8% Fibonacci retracement level and 100% Fibonacci extension level.
Pivot:
109.855
Why we like it:
50% Fibonacci retracement level, 20EMA and trendline resistance
1st Support:
109.335
78.6% Fibonacci retracement and 100% Fibonacci extension level
1st Resistance:
110.080
61.8% Fibonacci retracement level and 100% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price bounced to our resistance at 110.080, in-line with 61.8% Fibonacci retracement level and 100% Fibonacci extension level.
Pivot:
109.855
Why we like it:
50% Fibonacci retracement level, 20EMA and trendline resistance
1st Support:
109.335
78.6% Fibonacci retracement and 100% Fibonacci extension level
1st Resistance:
110.080
61.8% Fibonacci retracement level and 100% Fibonacci extension level
Trading FX & CFDs carries high risk.
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