#USDJPY approaching pivot, potential for a reversal!

١ نوفمبر ٢٠٢١

Price is approaching pivot level of 114.27 where we have 61.8% Fibonacci extension level & horizontal overlap support lining up. A reversal from this level might see price take support at 113.397, which is in line with 23.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 114.65, which coincides with horizontal swing high resistance . This is further supported by how price is likely to reverse off the RSI resistance level.

Pivot:
114.270
Why we like it:
61.8% Fibonacci extension level & horizontal overlap support

1st Support:
113.397
Why we like it:
23.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing low support

1st Resistance:
114.650
Why we like it:
horizontal swing high resistance

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