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Bullish pullback but still short

Bullish pullback but still short | 07 June 2017

07 June 2017, USD/JPY

Bullish pullback but still short
Technical Observation
Following the breakout below the short term support line 110.67, the price retraced back to the same line but got rejected and continued short. The upward rally that began upon hitting the lows of 109.21 is a pullback move towards 109.73 where I have a pending sell limit. On the 4 hour chart above, sell positions seems more ideal towards 107.04; a breakout below this line push the price further lower.
Technical levels:
Resistance levels
R1: 109.78
R2: 110.2
R3: 110.9
Pivot Point
109.51
Support Levels
S1: 108.11
S2: 108.81
S3: 109.09
Trade Signal
Pulling back towards 109.73 but still bearish.

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Imelda Maseno
Analyst of «FreshForex» company
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