Wait for a clear sell position towards 107.65 | 18 September 2017
18 September 2017, USD/JPY
Technical Observation:
Since 8th September, Usd has been in a constant up trend and even reached a key 4-hour resistance line 110.91. According to the chart above, Usd is showing signs of exhaustion around this line, any attempts to rise above this line ends in an exhaustion candle. This is a potential bearish signal, and unless there’s a clear breakout above 110.91, I’m waiting for a clear bearish signal to short Usd towards 107.65. As it is, I’m flat waiting for a breakout above 110.91 to pick a long position towards 118.00 or a rejection from 110.91 to pick a short position towards 107.65.
Technical levels:
Resistance levels
R1: 111.33
R2: 111.83
R3: 112.82
Pivot
110.84
Support Levels
S1: 108.85
S2: 109.85
S3: 110.34
Trade Signal.
Wait for a clear sell position towards 107.65
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.
