HMC_Trader

USDJPY, H4 testing our Pivot point, potential for a rise.

Long
SAXO:USDJPY   U.S. Dollar / Japanese Yen
Description
Price is testing our Pivot of 104.337, which is in line with 127%, 61.8% Fibonacci retracement ,127% fibonacci extension and horizontal graphical overlap, where we could see a potential rise from this level to our first resistance level of 104.550. If price fails to break above our pivot , we could potentially see a swing down towards our first support level of 104.100.

Pivot: 104.337
Why we like it:
127%, 61.8% Fibonacci retracement ,127% fibonacci extension and horizontal graphical overlap

1st Support: 104.100
Why we like it:
127% Fibonacci retracement , 100% fibonacci extension and horizontal graphical support.

1st Resistance: 104.550
Why we like it:
161.8% fibonacci extension and 161.8% fibonacci retracement .
Trading FX & CFDs carries high risk.

Comments

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