#USDJPY approaching pivot, potential for rise!

Price is reacting below our pivot level at 111.676 which is in line with 78.6% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap resistance. Price can potentially take support at 110.826, which is in line with 38.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap resistance. Alternatively, price may rise up to our resistance at 112.322, which coincides with 127.2% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal swing high 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.