Flat | 21 July 2017
21 July 2017, USD/JPY
Technical Observations
The USDJPY formed a Doji Candle on Thursday, which shows an indecision in the market. If the price can close below the 4 hour support line 111.82 with a big red candle, then I expect Usd to post fresh weekly low today. Ideally, a break below 111.82 may mean the price may plummet further towards 110.76 and even break below. From the 4 hour perspective, its worth waiting for a breakout below 111.82 to short usd towards 110.76, however, while the price maintains above 111.82, intraday trader could look for long positions towards 112.03.
Technical levels:
Resistance levels
R1: 112.35
R2: 112.86
R3: 113.8
Pivot
111.92
Support Levels
S1: 110.04
S2: 110.98
S3: 111.41
Trade Signal
Flat
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.
