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Short Usd towards 108.55

Short Usd towards 108.55 | 15 January 2018

15 January 2018, USD/JPY

Short Usd towards 108.55
Technical Observation:
Since December 2015, USD has been rallying within a wedge formation and is still within it. Few weeks ago, USD bounced off from the upper trend line and ended up plummeting. Today, I expect the price to plummet further towards the lower trend line and should break even lower. If this is the case, then I'l wait for pullback to the just broken line to short Usd with my first take profit at 108.55 and the next at 99.75. As is it, only a short position can be advised towards 108.55.
Technical Levels
Resistance levels
R1: 12.64
R2: 114.26
R3: 116.74
Pivot
111.78
Support Levels
S1: 106.82
S2: 109.3
S3: 110.16
Trade Signal
Short Usd towards 108.55

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Imelda Maseno
Analyst of «FreshForex» company
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