USDJPY, H4 bounced from our Pivot point, potential for a rise.

٥ فبراير ٢٠٢١

Description
Price has bounced from our Pivot of 105.420, which is in line with 78.6% fibonacci extension, 38.2% fibonacci retracement and horizontal graphical overlap, where we could see a potential rise from this level to our first resistance level of 105.875 If price fails to hold above our pivot, we could potentially see a swing down towards our first support level of 105.122.

Pivot: 105.420
Why we like it:
78.6% fibonacci extension, 38.2% fibonacci retracement and horizontal graphical overlap

1st Support: 105.122.
Why we like it:
78.6% Fibonacci retracement and horizontal graphical support.

1st Resistance: 105.875
Why we like it:
161.8% fibonacci extension and -27% fibonacci retracement.
Trading FX & CFDs carries high risk.