Looking to short Usd | 07 August 2017
07 August 2017, USD/JPY
Technical Observations
Instead of continuing short as previously forecasted, Usd declined almost 89 pips but ended up closing just a pip above it's opening price. The previous week's candle is an indecision candle meaning, movements to either directions are highly likely, I was waiting for a close below 110.28, to confirm a move to the lower side but as it appears, bulls are still in control. Thus, I waiting for a clear rejection signal from 110.28 to buy to pick a long position towards the upper resistance trendline. Sell positions will be more ideal if the price can break below the lower support trendline.
Technical levels:
Resistance levels
R1: 111.592
R2: 111.211
R3: 110.619
Pivot
110.238
Support Levels
S1: 109.646
S2: 109.265
S3: 108.673
Trade Signal
Look for long positions towards the upper trend line
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.
