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Bears are back

Bears are back | 06 December 2017

06 December 2017, USD/JPY

Bears are back
Technical Observation:
Earlier today, Usd plummet in value and should continue for the better parts of this day. The previous day's candle is a bearish candle and could signal a continuation of the previous day's bearish come back towards 108.37. On the way downwards, the key lines to look for include 111.35, 110.10, and 109.15. If these lines are breached, then a decline towards 108.37 is expected. As it is on the daily chart above, only a short position can be advised but with a take profit fixed at 108.37 and stop loss above the previous day's highest high.
Technical Levels
Resistance levels
R1: 114.92
R2: 116.15
R3: 118.95
Pivot
113.23
Support Levels
S1: 107.74
S2: 110.56
S3: 112.18
Trade Signal
Short Usd now with your take profit at 108.35

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Imelda Maseno
Analyst of «FreshForex» company
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