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Flat temporarily

Flat temporarily | 21 June 2017

21 June 2017, USD/JPY

Technical Observation
USD is currently rallying below it's daily pivot line 111.50. Unless this pivot line is clearly breached to the upper side with a big green candle, I expect a decline towards 110.63 and a breakout below to continue short towards 109.00. On the 4 hour chart above, if you didn't go long on the first retrecament towards 110.63, you could wait for a second pullback towards 110.63 then long USD around this line. A breakout will mean the price may continue short thereby short positions will be ideal
Technical levels:
Resistance levels
R1: 111.68
R2: 111.98
R3: 112.46
Pivot Point
111.50
Support Levels
S1: 110.53
S2: 111.01
S3: 111.2
Trade Signal

USD could drop towards 110.63

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Imelda Maseno
Analyst of «FreshForex» company
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