Waiting for breakout below 110.31 to short Usd | 27 July 2017
27 July 2017, USD/JPY
Technical Observation:
According to the Monday's forecasts, I expected a decline in price towards the lower trend line acting as the support to the converging wedge. However, the price rose upwards and has now gone below it's weekly opening price 111.11, this is a possible bearish pin bar formation. If the current weekly candle can close the way it is, then this is a perfect bearish pin bar and could signal further drop in price towards the lower trend line. At the moment, I'm patiently waiting for a breakout below 110.31 to push the price to the lower side.
Technical levels:
Resistance levels
R1: 112.33
R2: 113.53
R3: 115.39
Pivot
111.67
Support Levels
S1: 107.95
S2: 109.81
S3: 110.47
Trade Signal
Wait for breakout below 110.31 to short Usd towards the lower trendline.
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.
