USDJPY is facing bearish pressure, potential for more downside
Description:
Price is facing bearish pressure as it is trading below the EMA(34) and is breaking below previous overlap support level at pivot . A drop from our pivot at 104.64 towards 1st support at 104.08 could be possible. Failing to edge below the pivot would see price swing towards 1st resistance where the horizontal swing high is.
Pivot: 106.64
Supporting Points:
50% fib retracement, horizontal overlap resistance
1st Support: 104.08
Supporting Points:
76.4% fib retracement
1st Resistance: 105.17
Supporting Points:
Horizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is facing bearish pressure as it is trading below the EMA(34) and is breaking below previous overlap support level at pivot . A drop from our pivot at 104.64 towards 1st support at 104.08 could be possible. Failing to edge below the pivot would see price swing towards 1st resistance where the horizontal swing high is.
Pivot: 106.64
Supporting Points:
50% fib retracement, horizontal overlap resistance
1st Support: 104.08
Supporting Points:
76.4% fib retracement
1st Resistance: 105.17
Supporting Points:
Horizontal overlap resistance
Trading FX & CFDs carries high risk.