USDJPY is holding below the pivot and is likely to take support at 109.7, which coincides with the horizontal swing low support and the 127.2% Fibonacci extension level. Alternatively, USDJPY can potentially cross the pivot and resist off the potential pullback resistance at 110.4 which coincides with the 78.6% Fibonacci retracement level.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.