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buy above 114.30 towards 118.00.

buy above 114.30 towards 118.00. | 03 November 2017

03 November 2017, USD/JPY

buy above 114.30 towards 118.00.
Technical Observation:
Between 30th Sept to 5th October, price used the line 113.13 as a key 4 hour resistance line, however, on 10th October, price broke out above this line with a big green candle. This was a bullish dominance signal, and unless the price gets below 113.13 with a big red candle, I expect this line to now act as a support to any movements to the lower side. Thus, if the price can pullback to this line, then this will be the best place to buy Usd. However, if the price continue to rise, then I'll wait for a break above 114.30 to confirm a rally towards 118.00.
Technical Levels
Resistance levels
R1: 113.61
R2: 114.06
R3: 114.8
Pivot
113.32
Support Levels
S1: 111.83
S2: 112.57
S3: 112.87
Trade Signal
If you're not long already, wait and buy above 114.30 towards 118.00.

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Imelda Maseno
Analyst of «FreshForex» company
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