USDJPY, H4 approaching our Pivot point, potential for a bounce.
Description
Price has reversed from our Pivot of 103.697, which is in line with 78.6% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap, where we could see a potential rise from this level to our first resistance level of 103.960. It is noteworthy that price is trending within a squeezing triangle approaching the ascending trendline, in line with our bullish view.
Pivot: 103.697
Why we like it:
78.6% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 103.463
Why we like it:
127% Fibonacci retracement, 100% fibonacci extension and horizontal swing low support.
1st Resistance: 103.960
Why we like it:
61.8% fibonacci extension, 61.8%, 23.6% fibonacci retracement and descending trendline resistance.
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot of 103.697, which is in line with 78.6% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap, where we could see a potential rise from this level to our first resistance level of 103.960. It is noteworthy that price is trending within a squeezing triangle approaching the ascending trendline, in line with our bullish view.
Pivot: 103.697
Why we like it:
78.6% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 103.463
Why we like it:
127% Fibonacci retracement, 100% fibonacci extension and horizontal swing low support.
1st Resistance: 103.960
Why we like it:
61.8% fibonacci extension, 61.8%, 23.6% fibonacci retracement and descending trendline resistance.
Trading FX & CFDs carries high risk.
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