#USDJPY reacting below pviot, potential for a drop!

Price is reacting below our pivot level at 110.805, in-line with 100% Fibonacci retracement, 127.2% Fibonacci extension and swing high resistance. Price could potentially drop to support at 110.165, in-line with 38.2% Fibonacci retracement level, 61.8% Fibonacci extension and 20EMA. Stochastic is also at resistance where previous drops occurred.
Alternatively, price may swing towards our resistance at 111.265, in-line with 127.2% Fibonacci retracement level and 161.8% Fibonacci extension.

Pivot:
110.805
Why we like it:
100% Fibonacci retracement, 127.2% Fibonacci extension and swing high resistance

1st Support:
110.165
38.2% Fibonacci retracement level, 61.8% Fibonacci extension and 20EMA

1st Resistance:
111.265
127.2% Fibonacci retracement level and 161.8% Fibonacci extension

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