#USDJPY approaching pivot, potentail for a reversal!

Price is approaching pivot level of 114.358 where we have 127.2% Fibonacci extension level & horizontal swing high resistance lining up. A reversal from this level might see price take support at 112.167, which is in line with 38.2% Fibonacci retracement level & horizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 114.617, which coincides with horizontal overlap resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.

Pivot:
114.358
Why we like it:
127.2% Fibonacci extension level & horizontal swing high resistance

1st Support:
112.167
Why we like it:
38.2% Fibonacci retracement level & horizontal overlap support

1st Resistance:
114.617
Why we like it:
horizontal overlap resistance

Trading FX & CFDs carries high risk.