Wait for a rejection from the lower trendline | 28 July 2017
28 July 2017, USD/JPY
Technical Observation:
Usd is currently trading slightly below it's daily pivot line 111.3. For the past several weeks, Usd entered into a possible converging wedge and is currently showing signs of reversing from the lower trend line acting as the support to this wedge. I'm waiting for a clear sign from this trend line to buy Usd towards the upper trend line. On the daily chart above, long positions looks more ideal especially while the price is still along the lower trend line. Any clear breakout below may mean sellers are coming in and could push the price lower towards 109.41.
Technical levels:
Resistance levels
R1: 111.74
R2: 112.16
R3: 113.02
Pivot
111.3
Support Levels
S1: 109.58
S2: 110.44
S3: 110.88
Trade Signal
Wait for a rejection from the lower trendline to long Usd towards the upper trendline
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