USDJPY, Reacting below key resistance. Potential for drop.
Description:
Price testing the Pivot zone at 104.409, where the horizontal pullback resistance and the 38.2% fib retracement are. With price breaking below the Ichimoku cloud, it is possible to see a medium probability bearish move from the recent pullback resistance level at 104.409 towards our 1st support at 104.02 where the horizontal swing low, and 76.4% fib retracement and -27% fib retracement are. Otherwise, breaking above the pivot would see price swing towards 1st resistance and graphical swing high at 104.73.
Pivot: 104.41
Supporting Points:
horizontal pullback resistance,38.2% fib retracement
1st Support: 104.02
Supporting Points:
horizontal swing low, 76.4% fib retracement, -27% fib retracement
1st Resistance: 104.73
Supporting Points:
Horizontal swing high
Trading FX & CFDs carries high risk.
Price testing the Pivot zone at 104.409, where the horizontal pullback resistance and the 38.2% fib retracement are. With price breaking below the Ichimoku cloud, it is possible to see a medium probability bearish move from the recent pullback resistance level at 104.409 towards our 1st support at 104.02 where the horizontal swing low, and 76.4% fib retracement and -27% fib retracement are. Otherwise, breaking above the pivot would see price swing towards 1st resistance and graphical swing high at 104.73.
Pivot: 104.41
Supporting Points:
horizontal pullback resistance,38.2% fib retracement
1st Support: 104.02
Supporting Points:
horizontal swing low, 76.4% fib retracement, -27% fib retracement
1st Resistance: 104.73
Supporting Points:
Horizontal swing high
Trading FX & CFDs carries high risk.