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Short Usd around 112.94 towards 111.82

Short Usd around 112.94 towards 111.82 | 17 July 2017

17 July 2017, USD/JPY

Technical Observation:

On the last trading day, Usd broke out below the support line 112.94 with a big green candle, this is perfectly inline with the last trading day's forecast and is a potential sign that bearish have gained an edge above bulls. With that in mind, I'm waiting for a pullback towards the just broken line, 112.94, to short Usd towards the support line 111.82. A clear breakout below 111.82 may push the price further downwards towards 110.80. On the 4 hour chart above, this pair looks bearish and buying it, as it is, may not be the best option. My advice, wait for a pullback towards 112.94 to pick a short order.

Technical levels:

Resistance levels

R1: 113.65

R2: 114.11
R3: 114.93
Pivot
113.29
Support Levels
S1: 111.64
S2: 112.47
S3: 112.83
Trade Signal
Short Usd around 112.94 towards 111.82

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Imelda Maseno
Analyst of «FreshForex» company
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