USDJPY is facing bullish pressure from pivot, potential for more
Description:
After a nice breakout from bearish trendline, price is retesting the trendline before a further bounce.A rise from our pivot at 103.496 towards 1st resistance at 104.085 could be possible. Failing to edge above the pivot would see price swing towards 1st support where horizontal swing low is.
Pivot: 103.496
Supporting Points:
50% fib retracement, 61.8% fib extension, trendline support
1st Support: 102.995
Supporting Points:
horizontal swing low, 76.4% fib retracement
1st Resistance: 104.085
Supporting Points:
61.8% fib retracement
Trading FX & CFDs carries high risk.
After a nice breakout from bearish trendline, price is retesting the trendline before a further bounce.A rise from our pivot at 103.496 towards 1st resistance at 104.085 could be possible. Failing to edge above the pivot would see price swing towards 1st support where horizontal swing low is.
Pivot: 103.496
Supporting Points:
50% fib retracement, 61.8% fib extension, trendline support
1st Support: 102.995
Supporting Points:
horizontal swing low, 76.4% fib retracement
1st Resistance: 104.085
Supporting Points:
61.8% fib retracement
Trading FX & CFDs carries high risk.