#USDJPY retesting breakout trendline, potential for bounce
Price has came back to retest breakout trendline at our pivot level at 109.900 which is in line with 61.8% Fibonacci retracement level, 61.8% Fibonacci extension level and trendline support. Price could potentially swing towards resistance at 110.80, which is in line with 100% Fibonacci retracement level and 127.2% Fibonacci extension level. RSI is also at ascending support trendline where previous bounces occurred.
Alternatively, price may drop to our support at 109.580, which coincides with 100% Fibonacci retracement level and 100% Fibonacci extension level.
Pivot:
109.900
Why we like it:
61.8% Fibonacci retracement level, 61.8% Fibonacci extension level and trendline support
1st Support:
109.580
100% Fibonacci retracement level and 100% Fibonacci extension level
1st Resistance:
110.80
100% Fibonacci retracement level and 127.2% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price may drop to our support at 109.580, which coincides with 100% Fibonacci retracement level and 100% Fibonacci extension level.
Pivot:
109.900
Why we like it:
61.8% Fibonacci retracement level, 61.8% Fibonacci extension level and trendline support
1st Support:
109.580
100% Fibonacci retracement level and 100% Fibonacci extension level
1st Resistance:
110.80
100% Fibonacci retracement level and 127.2% Fibonacci extension level
Trading FX & CFDs carries high risk.
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