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Buy Usd along the lower trend line towards the upper trend line

Buy Usd along the lower trend line towards the upper trend line | 21 August 2017

21 August 2017, USD/JPY

Buy Usd along the lower trend line towards the upper trend line
Technical Observations
Last week, usd rose as high 110.94 but closed almost below 10pips above its opening price. The price is still being contained above the lower support trend line, I’m still waiting for a clear rejection from this trend line to buy usd towards the upper trend line; although, the previous week’s candle sends a mixed reaction, with bears seeming to have overtaken the bulls, I’m still into sell after I see clear signal to buy. If this trend line can be broken this week, then I expect further drop towards 105.21. My advice, expect a reaction from the lower trend line to long usd towards the upper side, however, if the lower trend line is broken, then I expect a plunge towards 106.21.
Technical levels:
Resistance levels
R1: 111.585
R2: 111.252
R3: 110.612
Pivot
110.250
Support Levels
S1: 109.650
S2: 109.270
S3: 108.640
Trade Signal
Buy Usd along the lower trend line towards the upper trend line

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Imelda Maseno
Analyst of «FreshForex» company
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