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Wait for a breakout above 112.02 to buy Usd

Wait for a breakout above 112.02 to buy Usd | 26 July 2017

26 July 2017, USD/JPY

Wait for a breakout above 112.02 to buy Usd

Technical Observation:

Usd is currently trading slightly below its daily pivot line 111.55 but below a key resistance line 112.02. Unless this pivot line is clearly breached to the lower side, I expect a rise towards the next resistance line 112.36 and could break higher. At the moment, according to the hourly chart above, I'm patiently waiting for a break above the resistance line 112.02 to long Usd towards the next line 112.36. If the price is contained below 112.02, then, I may reconsider a short positions towards the support line 111.56.

Technical levels:

Resistance levels

R1: 111.96

R2: 111.99
R3: 112.07
Pivot
111.55
Support Levels
S1: 111.76
S2: 111.83
S3: 111.88
Trade Signal
Wait for a break above 112.02 to buy Usd towards 112.36

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Imelda Maseno
Analyst of «FreshForex» company
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