Flat | 08 August 2017
08 August 2017, USD/JPY
Technical Observation
Usd is still rallying around it's weekly opening price 110.70 and has not shown any signs of heading towards a particular direction. On the weekly chart above, I'll only pick a short position on a breakout below 110.28, and most importantly on a breakout below the lower trend line, if this trend line is broken, then I expect further decline towards 106.13, a rejection from the immediate trend line will push the price higher towards the upper trend line and could push the price upwards towards 115.14.
Technical levels:
Resistance levels
R3: 112.399
R2: 111.726
R1: 111.189
Pivot
110.516
Support Levels
S1: 109.979
S2: 109.306
S3: 108.769
Trade Signal
Buy Usd in case of a clear rejection from the lower trendline towards 115.14
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.
