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Flat

Flat | 04 August 2017

04 August 2017, USD/JPY

Flat

Technical Observations

For the past few days, Usd has remained confined within the converging wedge formation but should break below it by the close of this week's candle or next week's candle. If a breakout is seen to the lower side, then I'll wait for a pullback to the just broken line to pick a short position towards 106.93. A rejection from the lower trend line will mean looking for a long position towards the upper trend line. According to the weekly chart above, I would remain flat temporarily and wait for a breakout below the support trend line to short Usd or a rejection to the buy Usd.

Technical levels:

Resistance levels

R3111.592

R2111.211

R1110.619

Pivot

110.238

Support Levels

S1109.646

S2109.265

S3108.673

Trade Signal

Flat

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Imelda Maseno
Analyst of «FreshForex» company
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