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Trade reversals

Trade reversals | 05 October 2017

05 October 2017, USD/JPY

Trade reversals
Technical Observation:
Since 26th September, Usd entered into a rectangular formation and is still rallying within this rectangular formation. Unless there's a clear breakout above or below this rectangle, I'm only interested in trading reversals. As at now, I'm waiting for the price to plummet towards 112.35, and then a rejection from this line to buy Usd towards the hour resistance line 113.14. If this support is broken, then the price could plummet further towards 111.60. While a breakout above 113.14 will push the price upwards towards 118.00.
Technical Levels
Resistance levels
R1: 113.35
R2: 114.2
R3: 115.98
Pivot
112.81
Support Levels
S1: 108.84
S2: 110.63
S3: 111.57
Trade Signal
wait for a rejection from 112.35 to buy Usd towards 113.14.

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Imelda Maseno
Analyst of «FreshForex» company
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