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Flat | 21 July 2017

21 July 2017, USD/JPY

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Technical Observations

The USDJPY formed a Doji Candle on Thursday, which shows an indecision in the market. If the price can close below the 4 hour support line 111.82 with a big red candle, then I expect Usd to post fresh weekly low today. Ideally, a break below 111.82 may mean the price may plummet further towards 110.76 and even break below. From the 4 hour perspective, its worth waiting for a breakout below 111.82 to short usd towards 110.76, however, while the price maintains above 111.82, intraday trader could look for long positions towards 112.03.

Technical levels:

Resistance levels

R1: 112.35

R2: 112.86
R3: 113.8
Pivot
111.92
Support Levels
S1: 110.04
S2: 110.98
S3: 111.41
Trade Signal
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Imelda Maseno
Analyst of «FreshForex» company
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