USDJPY is facing bearish pressure, potential for more downside.
Description:
Price is facing bearish pressure as it retaped both trendline and reversed, in line with our bearish bias. A drop from our pivot at 103.835 towards 1st support at 103.292 could be possible. Failing to edge below the pivot would see price swing towards 1st resistance where graphical swing high is.
Pivot: 103.835
Supporting Points:
61.8% Fibonacci retracement
1st Support: 103.292
Supporting Points:
78.6% fib extension
1st Resistance: 104.077
Supporting Points:
Graphical swing high resistance
Trading FX & CFDs carries high risk.
Price is facing bearish pressure as it retaped both trendline and reversed, in line with our bearish bias. A drop from our pivot at 103.835 towards 1st support at 103.292 could be possible. Failing to edge below the pivot would see price swing towards 1st resistance where graphical swing high is.
Pivot: 103.835
Supporting Points:
61.8% Fibonacci retracement
1st Support: 103.292
Supporting Points:
78.6% fib extension
1st Resistance: 104.077
Supporting Points:
Graphical swing high resistance
Trading FX & CFDs carries high risk.