Trade reversals | 05 October 2017
05 October 2017, USD/JPY
Technical Observation:
Since 26th September, Usd entered into a rectangular formation and is still rallying within this rectangular formation. Unless there's a clear breakout above or below this rectangle, I'm only interested in trading reversals. As at now, I'm waiting for the price to plummet towards 112.35, and then a rejection from this line to buy Usd towards the hour resistance line 113.14. If this support is broken, then the price could plummet further towards 111.60. While a breakout above 113.14 will push the price upwards towards 118.00.
Technical Levels
Resistance levels
R1: 113.35
R2: 114.2
R3: 115.98
Pivot
112.81
Support Levels
S1: 108.84
S2: 110.63
S3: 111.57
Trade Signal
wait for a rejection from 112.35 to buy Usd towards 113.14.
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.
