Look for short positions towards 106.13 | 24 July 2017
24 July 2017, USD/JPY
Technical Observation:
A fortnight ago, the price got rejected from the upper trend line acting as a resistance to the converging wedge. Following this rejection, Usd plunged down and is still rallying with a bearish bias. I expect a dip towards the lower trend line and even breakout, if the latter is the case, then I'll wait for a pullback towards the just broken line to re-sell Usd towards 108.88, 108.15 and the last take profit at 106.13. The line 110.31 is a key daily support line and if it can clearly be breached to the lower side, then this will act as a confirmation that the price could drop towards 106.13
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
Look for short positions towards 106.13
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.
