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USDJPY is facing bearish pressure, potential for more downside

Short
U.S. Dollar / Japanese Yen (SAXO:USDJPY)  
M4Academy  
SAXO:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns USD jpy USDJPY
11
0
trendanalysis harmonicpatterns chartpattern usd jpy usdjpy
Description:
Price is facing bearish pressure as it is trading below the resistance level at 105.20 where the horizontal pullback resistance is. A drop from our pivot at 105.20 towards 1st support at 104.87 could be possible. Failing to edge below the pivot would see price swing towards 1st resistance where the horizontal pullback resistance is.

Pivot: 105.20
Supporting Points:
horizontal pullback resistance

1st Support: 104.86
Supporting Points:
161.8% fib retracement

1st Resistance: 105.41
Supporting Points:
horizontal pullback resistance

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