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Look for a short position towards 108.24

Look for a short position towards 108.24 | 04 October 2017

04 October 2017, USD/JPY

Look for a short position towards 108.24
Technical Observation:
Even after a sharp rise towards the highs of 113.20, Usd ended up closing just a few pips above its opening price. This is a bullish exhaustion indication and unless the price close above 112.84 by the close of this day, I expect the price to plummet towards 108.24. I expect the upper trend line to act as a resistance to any movements to the upper side, thus, unless the price clearly breaks above the trend line with a big green candle, I remain optimistic that this Usd could still plummet. If this trend line is breached, then I expect a rise towards 118.00.
Technical Levels
Resistance levels
R1: 113.35
R2: 114.2
R3: 115.98
Pivot
112.41
Support Levels
S1: 108.84
S2: 110.63
S3: 111.57
Trade Signal
Look for a short position towards 108.24

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Imelda Maseno
Analyst of «FreshForex» company
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