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Remain long towards the upper resistance trend line

Remain long towards the upper resistance trend line | 04 September 2017

04 September 2017, USD/JPY

Remain long towards the upper resistance trend line
Technical Observation
After a sharp decline in price since July 11th to August 29th, Usd failed to break even lower. Rather, Usd bounced from the lower trend line and barely hit the daily support line 108.48. I went long after a bounce from these two lines, my expectations is that price could rise further to the upper side towards the upper trend line. On the way upwards, key resistance lines to look for include 110.84, 112.07 and 113.33. If these lines are broken, then the price could rise even further towards 118.00. On the contrary, if a break below 108.64 is achieved, then a sharp decline towards 102.74 will be the next key move.
Technical levels:
Resistance levels
R1: 109.77
R2: 109.96
R3: 110.5
Pivot
110.20
Support Levels
S1: 108.34
S2: 108.88
S3: 109.23
Trade Signal
Remain long towards the upper resistance trend line

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Imelda Maseno
Analyst of «FreshForex» company
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