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Wait for a break below 109.12 to continue short towards 108.00

Wait for a break below 109.12 to continue short towards 108.00 | 18 August 2017

18 August 2017, USD/JPY

Wait for a break below 109.12 to continue short towards 108.00

Technical Observations

On the weekly chart, shown on yesterday's forecast, Usd is showing signs of rising towards 115.01. However, on the 4 hour chart above, Usd just bounced off from a key resistance line 110.98 and could continue downwards. This means, intraday traders, trading this pair should focus more on sell orders and if the price breaks above 110.98 with a big green candle, then they should look for long positions towards 112.82. That said, according to the chart above, only short orders can be recommended.

Technical levels:

Resistance levels

R1: 111.582

R2: 111.221

R3: 110.419

Pivot

110.145

Support Levels

S1: 109.245

S2: 109.365

S3: 108.473

Trade Signal

Wait for a break below 109.12 to continue short towards 108.00

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Imelda Maseno
Analyst of «FreshForex» company
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