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Look for short positions towards 106.13

Look for short positions towards 106.13 | 24 Julio 2017

24 Julio 2017, USD/JPY

Look for short positions towards 106.13

Technical Observation:

A fortnight ago, the price got rejected from the upper trend line acting as a resistance to the converging wedge. Following this rejection, Usd plunged down and is still rallying with a bearish bias. I expect a dip towards the lower trend line and even breakout, if the latter is the case, then I'll wait for a pullback towards the just broken line to re-sell Usd towards 108.88, 108.15 and the last take profit at 106.13. The line 110.31 is a key daily support line and if it can clearly be breached to the lower side, then this will act as a confirmation that the price could drop towards 106.13

Technical levels:

Resistance levels

R1: 113.65

R2: 114.11
R3: 114.93
Pivot
113.29
Support Levels
S1: 111.64
S2: 112.47
S3: 112.83
Trade Signal
Look for short positions towards 106.13

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Imelda Maseno
Analyst of «FreshForex» company
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