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Waiting for clear position

Waiting for clear position | 08 September 2017

08 September 2017, USD/JPY

Waiting for clear position
Technical Observation:
Usd continues to plummet but is currently rallying around a key daily support line 108.11. Unless this support is broken to the lower side with a big red candle, I'm still hesitant to short the Usd, rather, I expect a rejection from this support to pick a long position with my take profit along the upper resistance trend line. As I said before, on the way upwards the key resistance lines to be checked for include 110.75, 112.02, and 113.28. If the last resistance is breached, then I expect a break above the upper trend line to push the price upwards towards 118.00.
Technical levels:
Resistance levels
R3:110.524
R2:109.962
R1:109.579
Pivot
109.10
Support Levels
S1:108.634
S2:108.072
S3:107.689
Trade Signal
Wait for a clear breakout below 108.11 or a rejection from 108.11 to long Usd.

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Imelda Maseno
Analyst of «FreshForex» company
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