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14 July 2017, USD/JPY

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Technical Observation

Usd declined in price but failed to penetrate the support line 112.94. I expect the recent upward movement to be a mere retracement towards the short term resistance line 113.62 . If 113.62 is broken upwards, then the price may rise further upwards towards 115.00. On the 4 hour chart above, I'd remain flat temporarily, but if price can break clearly below the 4 hour support line 112.94 with a big green candle, then I'll consider a short position towards 111.82. In fact, a breakout 112.94 may mark an end to the previous upwards rally and could push the price lower towards 111.82. On the hourly chart, the level 113.62 is a key resistance line and a reversal from this line may be witnessed today.

Technical levels:

Resistance levels

R1: 114.4

R3: 114.84

R3: 115.61

Pivot

114.06

Support Levels

S1: 112.5

S2: 113.28

S3: 113.62

Trade Signal

Short USd on a clear breakout below 112.94 towards 111.82

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Imelda Maseno
Analyst of «FreshForex» company
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