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Bearish pin bar

Bearish pin bar | 30 October 2017

30 October 2017, USD/JPY

Bearish pin bar
Technical Observation:
Last trading day, Usd rose up to the highs of 114.488 but close at 113.68, several pips below it's opening price. the Friday's candle is a perfect pin bar, and could push the price to the lower side towards 112.83. According to the daily chart above, 113.96 is a key resistance line and a rejection from it mean looking for a short position towards 111.737 is more ideal. My advice, wait for a pullback towards 113.96 is a key resistance line and unless the price breaks above it with a big green candle, I'm only interested in a short position.
Technical Levels
Resistance levels
R1: 112.56
R2: 113.27
R3: 114.41
Pivot
112.12
Support Levels
S1: 109.83
S2: 110.98
S3: 111.42
Trade Signal
Look for a short position towards 111.737

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Imelda Maseno
Analyst of «FreshForex» company
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