#USDJPY, H4 bounced from Pivot point, potential for a rise.
Description
Price has bounced from our Pivot of 109.146 which is in line with 78.6% fibonacci retracement, moving average support and horizontal graphical overlap, where we could see a rise from this level to our 1st resistance level of 109.669 in line with -27% fibonacci retracement, 78.6% fibonacci extension and horizontal swing high. Do note that price is trending above the moving average, in line with our bullish view.
Pivot: 109.146
Why we like it:
78.6% fibonacci retracement, moving average support and horizontal graphical overlap
1st Support: 108.924
Why we like it:
127% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical swing low.
1st Resistance: 109.669
Why we like it:
-27% fibonacci retracement, 78.6% fibonacci extension and horizontal swing high
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