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Wait for pullback

Wait for pullback | 22 August 2017

22 August 2017, USD/JPY

Wait for pullback
Technical Observations
After breaking below the support line 109.45 on August 17th, Usd retraced back to the same line but could not penetrate above it. I'm waiting for a second retracement to the same line to pick a short position here with my take profit fixed at 108.55. If this line can be broken to the uperside, then usd could rise further towards 110.36. But as it is, intaday traders should focus mostly on sell orders advice, place a pending sell limit order around 109.45, with your stop loss above 109.61 and take profit at 108.55
Technical levels:
Resistance levels
R1: 111.655
R2: 111.352
R3: 110.122
Pivot
110.35
Support Levels
S1: 109.750
S2: 109.370
S3: 108.230
Trade Signal
Sell usd around 109.45.

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Imelda Maseno
Analyst of «FreshForex» company
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