USDJPY is facing bullish pressure, potential for more upside
Description:
Price is facing bearish pressure as it broke below the ascending trendline and the EMA(34). A drop from our pivot at 105.57 towards 1st support at 105.16 could be possible. Failing to edge below the pivot would see price swing towards 1st support where the horizontal swing low is.
Pivot: 105.57
Supporting Points:
61.8 % fib retracement and horizontal overlap support
1st Support: 105.16
Supporting Points:
the horizontal swing low
1st Resistance: 105.91
Supporting Points:
Horizontal swing high & 50 % fib retracement
Trading FX & CFDs carries high risk.
Price is facing bearish pressure as it broke below the ascending trendline and the EMA(34). A drop from our pivot at 105.57 towards 1st support at 105.16 could be possible. Failing to edge below the pivot would see price swing towards 1st support where the horizontal swing low is.
Pivot: 105.57
Supporting Points:
61.8 % fib retracement and horizontal overlap support
1st Support: 105.16
Supporting Points:
the horizontal swing low
1st Resistance: 105.91
Supporting Points:
Horizontal swing high & 50 % fib retracement
Trading FX & CFDs carries high risk.