#USDJPY approaching pivot, potential for rise!
Price has broken above our pivot level at 112.739 which is in line with & horizontal swing low support . We could potentially see a further rise from here towards 113.784, which coincides with 38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance. Finally, we can expect price to take support at 112.039, which coincides with 127.2% Fibonacci retracement level & horizontal overlap support . This is further supported by how price is likely to bounce off the RSI support level .
Pivot:
112.739
Why we like it:
& horizontal swing low support
1st Support:
112.039
Why we like it:
127.2% Fibonacci retracement level & horizontal overlap support
1st Resistance:
113.784
Why we like it:
38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
112.739
Why we like it:
& horizontal swing low support
1st Support:
112.039
Why we like it:
127.2% Fibonacci retracement level & horizontal overlap support
1st Resistance:
113.784
Why we like it:
38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
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