06 October 2017, USD/JPY
Technical Observation:
Usd is still confined with the rectangular formation, not going above 113.18 or below 112.34. I'm patiently waiting for a breakout above 113.18 to long Usd towards 118.00. On the way upwards, the key lines to look for include 114.02, 115.00 and lastly 117.00. If these lines are breached then the price could rise further towards 118. or even higher towards 121.00. On the other side, if the price slides below 112.34, then I expect further decline towards 111.60 or even lower towards 111.45
Technical Levels
Resistance levels
R1: 112.98
R2: 113.17
R3: 113.64
Pivot
112.71
Support Levels
S1: 111.75
S2: 112.22
S3: 112.51
Trade Signal
Buy Usd above 113.18