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Look for long positions towards 115.09.

Look for long positions towards 115.09. | 23 Agosto 2017

23 Agosto 2017, USD/JPY

Look for long positions towards 115.09.

Technical Observations
Usd remains with the wedge formation even after the bears came back last week. Unless this wedge is clearly broken to the lower side with a big red candle, I expect a rally towards the upper trend line, if the lower trend line is broken, and most importantly if the support line 108.49 is broke, then a rally towards 104.50 is highly anticipated. A key resistance line can be seen around 115.09, while a key support can be seen around 108.40, if 115.09 is broken, then a rise towards 118.00 is expected.
Technical levels:
Resistance levels
R3: 110.645
R2: 110.148
R1: 109.849
Pivot
109.352
Support Levels
S1: 109.053
S2: 108.556
S3: 108.257
Trade Signal
Unless the lower trendline is broken, look for long positions towards 115.09.

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Imelda Maseno
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