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Wait for a breakout below the support line 111.82 to short Usd towards 110.75

Wait for a breakout below the support line 111.82 to short Usd towards 110.75 | 20 July 2017

20 July 2017, USD/JPY

Wait for a breakout below the support line 111.82 to short Usd towards 110.75

Technical Observations

Dollar Yen Clocked a session low of 111.82 but got contained above it. I expect a break below this handle to continue short towards the 4 hour support line 110.75. On the 4 hour chart above, USDJPY traders had better wait for a breakout below support line 111.82 to grab short positions instead of looking for long positions. A key 4 hour resistance can be seen around the 4 hour resistance line 112.83, if the price should get rejected around 111.82, then the best place to short Usd should be here(112.83). A break above this line may push the price further upwards towards 115.00.

Technical levels:

Resistance levels

R1: 112.23

R2: 112.57
R3: 113.26
Pivot
111.89
Support Levels
S1: 110.53
S2: 111.21
S3: 111.55
Trade Signal
Wait for a breakout below the support line 111.82 to short Usd towards 110.75

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Imelda Maseno
Analyst of «FreshForex» company
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