Wait for a break below 109.12 to continue short towards 108.00 | 18 August 2017
18 August 2017, USD/JPY
Technical Observations
On the weekly chart, shown on yesterday's forecast, Usd is showing signs of rising towards 115.01. However, on the 4 hour chart above, Usd just bounced off from a key resistance line 110.98 and could continue downwards. This means, intraday traders, trading this pair should focus more on sell orders and if the price breaks above 110.98 with a big green candle, then they should look for long positions towards 112.82. That said, according to the chart above, only short orders can be recommended.
Technical levels:
Resistance levels
R1: 111.582
R2: 111.221
R3: 110.419
Pivot
110.145
Support Levels
S1: 109.245
S2: 109.365
S3: 108.473
Trade Signal
Wait for a break below 109.12 to continue short towards 108.00
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.
