17 August 2017, USD/JPY
Technical Observations
Yesterday, Usd pulled back a little lower than expected but is still above the lower support trend line. Unless this trend line is clearly breached to the lower side with a big red candle, I expect a rejection from this trend line to long usd with my take profit still intact at 115.01. If this support trend line is broken, then I expect the price to plummet towards 106.13. On the weekly chart above, unless the price gets below the immediate trend line, long positions can safely be recommended.
Technical levels:
Resistance levels
R1: 111.491
R2: 111.312
R3: 110.116
Pivot
110.345
Support Levels
S1: 109.745
S2: 109.366
S3: 108.875
Trade Signal
Only look for short positions in case the lower trendline is broken.