#USDJPY approaching pivot, potential for rise!
Price has broken above our pivot level at 111.676 which is in line with 78.6% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap resistance . We could potentially see a further rise from here towards 112.322, which coincides with 127.2% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal swing high resistance. Finally, we can expect price to take support at 110.826, which coincides with 38.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap resistance . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
111.676
Why we like it:
78.6% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap resistance
1st Support:
110.826
Why we like it:
38.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap resistance
1st Resistance:
112.322
Why we like it:
127.2% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
111.676
Why we like it:
78.6% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap resistance
1st Support:
110.826
Why we like it:
38.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap resistance
1st Resistance:
112.322
Why we like it:
127.2% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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