#USDJPY, H4 is bouncing from Pivot, potential for a rise.

Description
Price is bouncing from our Pivot of 110.193 which is in line with 38.2%, 61.8% fibonacci retracement and horizontal graphical overlap, where we could see a rise from this level to our 1st resistance level of 110.807, in line with 127% fibonacci retracement and 100% fibonacci extension. It is worth noting that price is above the ascending trendline, in line with our bullish analysis.

Pivot: 110.193
Why we like it:
38.2%, 61.8% fibonacci retracement and horizontal graphical overlap

1st Support: 109.819
Why we like it:
61.8% fibonacci retracement, 88.6% fibonacci extension and horizontal graphical overlap

1st Resistance: 110.807
Why we like it:
127% fibonacci retracement and 100% fibonacci extension

Trading FX & CFDs carries high risk.