18 July 2017, USD/JPY
Technical Observation
Based on the forecast for July 17th, Usd pulled back slightly upwards but did not open my pending sell limit order around 112.94 and has currently embarked on a bearish rally. I expect further decline of price towards 111.82 and even a break below it to continue short. According to the daily chart, yesterday's daily candle fall inside the Friday's candle, this is a sign that bulls are loosing their ground, thus I expect a spike downwards. But first. the support line 111.82 must be broken with a big red candle. On the 4 hour chart above, only short positions can be recommended with the take profit still fixed at 111.82, a break below 111.82 will push the price further downwards towards 104.52.
Technical levels:
Resistance levels
R1: 112.9
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