Wait for pullback to short Usd towards 106.13 | 25 July 2017
25 July 2017, USD/JPY
Technical Observation:
Following the breakout below the support line 111.34, Usd retraced back to it earlier today but got contained below it. I went short following the rejection from this now resistance line and is still holding onto this position. If you didn't short Usd around 111.34, wait for a second pullback to this line to re-sell usd. On the 4 hour chart above, short positions looks more ideal and can be recommended unless 111.34 is clearly breached to the upper side with a big green candle. Ideally, I expect a decline towards 110.56 and could break even lower towards 106.13.
Technical levels:
Resistance levels
R1: 113.65
R2: 114.11
R3: 114.93
Pivot
113.40
Support Levels
S1: 111.64
S2: 112.47
S3: 112.83
Trade Signal
Short Usd around 111.34 with your tarke profit at 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.
