#USDJPY approaching pivot, potential for a reversal!
Price is approaching pivot level of 113.723 where we have 23.6% Fibonacci retracement level & horizontal overlap resistance lining up. A reversal from this level might see price take support at 112.051, which is in line with 50.0% Fibonacci retracement level, 200% Fibonacci extension level & horizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 116.21, which coincides with 61.8% Fibonacci retracement level, 61.8% Fibonacci extension level . This is further supported by how price is holding below the EMA.
Pivot:
113.723
Why we like it:
23.6% Fibonacci retracement level & horizontal overlap resistance
1st Support:
112.051
Why we like it:
50.0% Fibonacci retracement level, 200% Fibonacci extension level & horizontal overlap support
1st Resistance:
116.210
Why we like it:
61.8% Fibonacci retracement level, 61.8% Fibonacci extension level
Trading FX & CFDs carries high risk.
Pivot:
113.723
Why we like it:
23.6% Fibonacci retracement level & horizontal overlap resistance
1st Support:
112.051
Why we like it:
50.0% Fibonacci retracement level, 200% Fibonacci extension level & horizontal overlap support
1st Resistance:
116.210
Why we like it:
61.8% Fibonacci retracement level, 61.8% Fibonacci extension level
Trading FX & CFDs carries high risk.
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