#USDJPY, H4 is testing Pivot point, potential for a drop.

Description
Price is testing our Pivot of 109.472 which is in line with 88.6% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap, where we could see a drop from this level to our 1st Support level of 109.066 in line with 127% fibonacci retracement and horizontal graphical overlap. It is worth noting that price is under the moving average,in line with our bearish analysis.

Pivot: 109.472
Why we like it:
88.6% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap

1st Support: 109.066
Why we like it:
127% fibonacci retracement and horizontal graphical overlap

1st Resistance: 109.858
Why we like it:
50% fibonacci retracement and 61.8% fibonacci extension

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