#USDJPY approaching pivot, potential for a drop!
Price is reacting below our pivot level at 113.77 which is in line with 61.8% Fibonacci extension level, 38.2% Fibonacci retracement level & horizontal overlap support. Price can potentially take support at 112.066, which is in line with 50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support. Alternatively, price may rise up to our resistance at 114.438, which coincides with , 78.6% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
113.770
Why we like it:
61.8% Fibonacci extension level, 38.2% Fibonacci retracement level & horizontal overlap support
1st Support:
112.066
Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support
1st Resistance:
114.438
Why we like it:
, 78.6% Fibonacci extension level & horizontal swing high resistance
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