Short Usd around 112.94 towards 111.82 | 17 July 2017
17 July 2017, USD/JPY
Technical Observation:
On the last trading day, Usd broke out below the support line 112.94 with a big green candle, this is perfectly inline with the last trading day's forecast and is a potential sign that bearish have gained an edge above bulls. With that in mind, I'm waiting for a pullback towards the just broken line, 112.94, to short Usd towards the support line 111.82. A clear breakout below 111.82 may push the price further downwards towards 110.80. On the 4 hour chart above, this pair looks bearish and buying it, as it is, may not be the best option. My advice, wait for a pullback towards 112.94 to pick a short order.
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
Short Usd around 112.94 towards 111.82
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
