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Looking to short Usd

Looking to short Usd | 07 August 2017

07 August 2017, USD/JPY

Looking to short Usd

Technical Observations

Instead of continuing short as previously forecasted, Usd declined almost 89 pips but ended up closing just a pip above it's opening price. The previous week's candle is an indecision candle meaning, movements to either directions are highly likely, I was waiting for a close below 110.28, to confirm a move to the lower side but as it appears, bulls are still in control. Thus, I waiting for a clear rejection signal from 110.28 to buy to pick a long position towards the upper resistance trendline. Sell positions will be more ideal if the price can break below the lower support trendline.

Technical levels:

Resistance levels

R1: 111.592

R2: 111.211

R3: 110.619

Pivot

110.238

Support Levels

S1: 109.646

S2: 109.265

S3: 108.673

Trade Signal

Look for long positions towards the upper trend line

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Imelda Maseno
Analyst of «FreshForex» company
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