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Buyers encroaching

Buyers encroaching | 11 December 2017

11 December 2017, USD/JPY

Buyers encroaching
Technical Observation:
Last week's candle is a perfect bullish continuation candle. The week't candle opened at 112.74, went to the lows of 111.98 before recovering immensely to the upper side. I expect further rise even during this week towards 114.75, which is a key supply zone and should act as sell place. With that in mind, if you didn't go long based on last week's forecast, then wait for a breakout above 114.75, to buy, or a rebound from 114.75-113.98, then short Usd towards 105.00
Technical Levels
Resistance levels
R1: 113.1
R2: 114
R3: 116.04
Pivot
113.97
Support Levels
S1: 107.9
S2: 109.94
S3: 111.06
Trade Signal
Long with a take profit at 114.75

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Imelda Maseno
Analyst of «FreshForex» company
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