#USDJPY, H4 reversed from our Pivot, potential for drop

Price is reacting below our pivot level at 110.165 which is in line with 38.2% Fibonacci retracement level. Price can potentially take support at 109.224, which is in line with 78.6% Fibonacci retracement level, 127.2% Fibonacci retracement level & horizontal swing low support. Alternatively, price may rise up to our resistance at 110.735, which coincides with 88% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance . This is further supported by price rejecting the ascending trendline support-turned-resistance.

Pivot:
110.165

Why we like it:
38.2% Fibonacci retracement level

1st Support:
109.224
78.6% Fibonacci retracement level, 127.2% Fibonacci retracement level & horizontal swing low support

1st Resistance:
110.735
88% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance
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