Waiting for clear position | 08 September 2017
08 September 2017, USD/JPY
Technical Observation:
Usd continues to plummet but is currently rallying around a key daily support line 108.11. Unless this support is broken to the lower side with a big red candle, I'm still hesitant to short the Usd, rather, I expect a rejection from this support to pick a long position with my take profit along the upper resistance trend line. As I said before, on the way upwards the key resistance lines to be checked for include 110.75, 112.02, and 113.28. If the last resistance is breached, then I expect a break above the upper trend line to push the price upwards towards 118.00.
Technical levels:
Resistance levels
R3:110.524
R2:109.962
R1:109.579
Pivot
109.10
Support Levels
S1:108.634
S2:108.072
S3:107.689
Trade Signal
Wait for a clear breakout below 108.11 or a rejection from 108.11 to long Usd.
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.
