#USDJPY approaching pivot, potential for rise!

Price has broken above our pivot level at 112.834 which is in line with -27.2% 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, 161.8% Fibonacci extension level & horizontal overlap resistance. Finally, we can expect price to take support at 112.063, which coincides with 127.2% Fibonacci retracement level & horizontal overlap resistance . This is further supported by how price is now holding above the Ichimoku cloud support.

Pivot:
112.834
Why we like it:
-27.2% Fibonacci retracement level & horizontal overlap resistance

1st Support:
112.063
Why we like it:
127.2% Fibonacci retracement levell & horizontal overlap resistance

1st Resistance:
112.322
Why we like it:
127.2% Fibonacci extension level, 161.8% Fibonacci extension level & horizontal overlap resistance

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