Flat | 04 August 2017
04 August 2017, USD/JPY
Technical Observations
For the past few days, Usd has remained confined within the converging wedge formation but should break below it by the close of this week's candle or next week's candle. If a breakout is seen to the lower side, then I'll wait for a pullback to the just broken line to pick a short position towards 106.93. A rejection from the lower trend line will mean looking for a long position towards the upper trend line. According to the weekly chart above, I would remain flat temporarily and wait for a breakout below the support trend line to short Usd or a rejection to the buy Usd.
Technical levels:
Resistance levels
R3111.592
R2111.211
R1110.619
Pivot
110.238
Support Levels
S1109.646
S2109.265
S3108.673
Trade Signal
Flat
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.
