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Look for a short position towards 112.33

Look for a short position towards 112.33 | 09 October 2017

09 October 2017, USD/JPY

Technical Observation:

Recently, a false breakout was seen when the USD went above the hourly resistance line 113.14 but ended up closing below it. This is a bearish gesture and unless the price clearly close above 113.40, I expect Usd to drop towards the hourly support 112.3; should this support be broken, then the price could plummet even further towards the daily support 111.99. On the way downwards key support lines can be seen at 111.75, 112.22 and 112.29.

Technical Levels

Resistance levels

R1: 112.98

R2: 113.17

R3: 113.64

Pivot

112.7

Support Levels

S1: 111.75

S2: 112.22

S3: 112.51

Trade Signal

Look for a short position towards 112.33

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Imelda Maseno
Analyst of «FreshForex» company
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