#USDJPY, H4 is approaching Pivot, potential for a bounce.
Description Price is approaching our Pivot of 110.088 which is in line with 78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap, where we could see a rise from this level to our 1st resistance level of 110.819 in line with -27% fibonacci retracement and 161.8% fibonacci extension. It is worth noting that price is above the Ichimoku cloud and MACD is above the 0-line, in line with our bullish analysis.
Pivot: 110.088 Why we like it: 78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 109.296 Why we like it: 61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap
1st Resistance: 110.819 Why we like it: -27% fibonacci retracement and 161.8% fibonacci extension
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