#USDJPY approaching pivot, potential for a bounce!
Price is approaching pivot level at 109.03 which is in line with 78.6% Fibonacci retracement level and 161.8% Fibonacci extension level. Price may potentially bounce to our resistance at 109.762, which coincides with 38.2% Fibonacci retracement level , 61.8% Fibonacci extension level and 20EMA.
Alternatively, price may potentially drop towards support at 108.61 which is in line with 100% Fibonacci retracement level and 200% Fibonacci extension.
Pivot:
109.03
Why we like it:
78.6% Fibonacci retracement level and 161.8% Fibonacci extension level
1st Support:
108.61
100% Fibonacci retracement level and 200% Fibonacci extension
1st Resistance:
109.76
38.2% Fibonacci retracement level , 61.8% Fibonacci extension level and 20EMA
Trading FX & CFDs carries high risk.
Alternatively, price may potentially drop towards support at 108.61 which is in line with 100% Fibonacci retracement level and 200% Fibonacci extension.
Pivot:
109.03
Why we like it:
78.6% Fibonacci retracement level and 161.8% Fibonacci extension level
1st Support:
108.61
100% Fibonacci retracement level and 200% Fibonacci extension
1st Resistance:
109.76
38.2% Fibonacci retracement level , 61.8% Fibonacci extension level and 20EMA
Trading FX & CFDs carries high risk.
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