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sell a breakout below 112.00.

sell a breakout below 112.00. | 28 December 2017

28 December 2017, USD/JPY

sell a breakout below 112.00.
Technical Observation:
Usd continues to plummet but is currently approaching a short term support line 112.00. I expect a spike towards this support but should not penetrate below it. On this chart, the best places to buy usd is either on a rejection from 112.00 or 108.72. As it is, only a short position looks more ideal and can be advised. Alternatively, instead of shorting now, you could wait for a breakout below 112.00 then pick a short position with your take profit at 108.72. On the way downwards, the key lines to look for include 111.05, 110.10 and lastly 108.72.
Technical Levels
Resistance levels
R1: 113.86
R2: 114.41
R3: 115.74
Pivot
113.08
Support Levels
S1: 110.42
S2: 111.75
S3: 112.52
Trade Signal
Conservative traders should only sell a breakout below 112.00.

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Imelda Maseno
Analyst of «FreshForex» company
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