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Buy Usd around 108.64 with a take profit along the upper resistance trendline

Buy Usd around 108.64 with a take profit along the upper resistance trendline | 28 August 2017

28 August 2017, USD/JPY

Buy Usd around 108.64 with a take profit along the upper resistance trendline

Technical Observation

After a sharp rejection from the upper trend line, Usd plummeted in price and is currently around a key support line 108.64. This is a key daily support line and has acted as a support line three times since the price broke above it . In November 2016, April 2017, this line has been used as a clear demand line, now that the price is above it, I expect it to act as a demand line. On the way upwards, the key line to look at include 110.74, 111.86 and 114.35. A break above any of these lines will mean the price is continuing to the next line.

Technical levels:

Resistance levels

R1: 109.77

R2: 109.96
R3: 110.5
Pivot
109.42
Support Levels
S1: 108.34
S2: 108.88
S3: 109.23
Trade Signal
Buy Usd around 108.64 with a take profit along the upper resistance trendline

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Imelda Maseno
Analyst of «FreshForex» company
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