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Day traders should look for long positions towards 115.00

Day traders should look for long positions towards 115.00 | 10 July 2017

10 July 2017, USD/JPY

Day traders should look for long positions towards 115.00

Technical Observations

On July 4th, Usd entered into an ascending Channel, remained within it for almost two days before breaking above it on Friday the 6th. Usd did not only break above a key resistant trend line, but it also broke above a key pivotal line 113.79. Unless the price break below the nos supportive trend line and most importantly below the support line 113.79, I expect a move upwards with my target take profit at 115.00. If this line is broken, then the price may continue upwards towards 119.00. On the hourly chart above, long positions looks more ideal and can be recommended both for the intraday and day traders.

Technical levels:

Resistance levels

R1: 113.93

R2: 113.95
R3: 113.99
Pivot
113.91
Support Levels
S1: 113.82
S2: 113.86
S3: 113.89
Trade Signal

Day traders should look for long positions towards 115.00

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Imelda Maseno
Analyst of «FreshForex» company
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