Look for a buy position towards 118.00 | 02 October 2017
02 October 2017, USD/JPY
Technical Levels:
USD is currently trading above its weekly pivot line 111.90. Unless there's a clear bearish breach below this pivot line, I expect bullish movement towards 118.0 and even a breakout above the upper resistance. On the way upwards, key Resistance lines can be seen around 112.8, 11.63 and 115.35. If the price breaks above these lines, then the it could rise even further towards 118.00. This upward rally is highly expected since on the monthly chart, there's a perfect bullish engulfing candle and will push the price to the upper side towards the monthly resistance line 118.00
Technical Levels
Resistance levels
R1: 112.8
R2: 113.63
R3: 115.35
Pivot
111.9
Support Levels
S1: 108.46
S2: 110.18
S3: 111.09
Trade Signal
Look for a buy position towards 118.00
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.
