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Waiting for a close below the lower trendline

Waiting for a close below the lower trendline | 11 August 2017

11 August 2017, USD/JPY

Waiting for a close below the lower trendline

Technical Observation

Recently, Usd descended below the supportive trend line and is still below it. This is an onset to bearish breakout and unless price comes back and close above this trend line, I expect a minor pullback to the just broken trend line and also towards 110.25 to pick a short position with my take profit at 106.13. On the weekly chart above, short positions seems more ideal especially if price close below 110.25. My advice wait for price to close below this trend line then place a pending sell limit order around 110.25 with take profit at 106.13.

Technical levels:

Resistance levels

R3: 112.399

R2: 111.726

R1: 111.189

Pivot

110.527

Support Levels

S1: 109.979

S2: 109.306

S3: 108.769

Trade Signal

Wait for a close below the lower trendline to pick a short position.

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Imelda Maseno
Analyst of «FreshForex» company
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