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Wait for pullback to short Usd towards 106.13

Wait for pullback to short Usd towards 106.13 | 25 July 2017

25 July 2017, USD/JPY

Wait for pullback to short Usd towards 106.13

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.

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Imelda Maseno
Analyst of «FreshForex» company
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