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Short Usd around 111.78 towards 107.50

Short Usd around 111.78 towards 107.50 | 26 September 2017

26 September 2017, USD/JPY

Short Usd around 111.78 towards 107.50
Short Usd around 111.78 towards 107.50
Technical Observation
After a drastic drop around 16:00, Usd is recovering upwards but not with the same momentum with which it fell. I expect this recovery to be a retracement move towards 111.78 where I expect a fresh drop towards the 4 hour support line 110.60. As it is, I can only recommend sell positions towards 110.60, if this support is broken, then the price could drop towards 107.50. On the way downwards key support lines can be seen around 111.35, 110.18 and 109.28. If these lines are breached then a rally towards 107.50 is confirmed.
Technical levels:
Resistance levels
R1: 112.21
R2: 112.71
R3: 113.57
Pivot
111.85
Support Levels
S1: 110.12
S2: 110.98
S3: 111.35
Trade Signal
Short Usd around 111.78 towards 107.50

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Imelda Maseno
Analyst of «FreshForex» company
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