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Wait for pullback

Wait for pullback | 14 August 2017

14 August 2017, USD/JPY

Wait for pullback

Technical Observations

Just as I said on the Friday's analysis, Usd close below the lower trend line. The previous week's candle is a clear breakout candle and signals an increase in sellers. I'm waiting for minor bullish pullbacks towards 110.25 to pick a short position towards 106.13. On the weekly chart above, only sell positions can be recommended towards 106.13. If the price rice above 110.25, then Usd could rise towards 115.14. 109.12 is a key support line and if price breaks below it, this will be a confirmation that the price could fall further.

Technical levels:

Resistance levels

R1: 111.592

R2: 111.211

R3: 110.619

Pivot

110.249

Support Levels

S1: 109.646

S2: 109.265

S3: 108.673

Trade Signal

Wait and sell Usd around 110.25 with a take profit at 106.13.

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Imelda Maseno
Analyst of «FreshForex» company
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