Flats | 19 July 2017

19 July 2017, USD/JPY

Flats

Technical Observations

As I said on my previous forecasts, Usd plunged down almost 100 pips after breaking below the 4 hour support line 112.83. The price continued short and even took out my Take profit set at the daily support line 111.82. I expect a rejection from this line to long Usd towards 112.83. A clear breach below will mean the price could proceed short towards the next support line 110.73. on the 4 hour chart 111.82 is a key support line both on the 4 hour and the daily charts, and unless its clearly broken, I remain hesitant to long Usd. A key support line can be ween around 110.73 and if price breaks below 111.82, then the best place to short Usd up to is 110.73.

Technical levels:

Resistance levels

R1: 112.4

R2: 112.74
R3: 113.43
Pivot
112.04
Support Levels
S1: 110.66
S2: 111.35
S3: 111.71
Trade Signal
Waiting for a clear breakout below 111.82 to short Usd towards 110.73

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Imelda Maseno
Analyst of «FreshForex» company
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