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Flat | 13 July 2017

13 July 2017, USD/JPY

Flat

Technical Observation

My pending sell limit order was opened when price crossed the resistance line 113.62, the price continued bearish and took out my Take profit set at 112.94. On the hourly chart above, sell positions still look more ideal especially if the price can break clearly below the support line 112.94. A break below this line may push the price further downwards towards 111.82 and may go even further to 110. My advice, if you didn't take the short position upon a a pullback towards the hourly resistance line 113.62, you could wait for price to breakout below 112.94 to short Usd towards 111.82. On both the higher and the short time frames, Usd looks bearish and should not be bought at the moment.

Technical levels:

Resistance levels

R1: 113.26

R2: 113.32
R3: 113.44
Pivot
113.19
Support Levels
S1: 112.94
S2: 113.06
S3: 113.13
Trade Signal
Wait and sell Usd on a breakout below 112.94 towards 111.82

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Imelda Maseno
Analyst of «FreshForex» company
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