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Look for a long position towards 113.20

Look for a long position towards 113.20 | 11 October 2017

11 October 2017, USD/JPY

Look for a long position towards 113.20

Technical Observation:

As I said before, Usd merely tested the support line 112.29 but could not close below it. I believe this is a false breakout and indicates that the bulls are in complete control. Since the daily candle is a pin bar, I expect a surge upwards towards 113.20 and could breakout higher but should not go beyond 118.00. If the price can descend below 112.29, then this will call for a short position towards 110.00

Technical Levels

Resistance levels

R1: 112.98

R2: 113.17
R3: 113.64
Pivot
112.72
Support Levels
S1: 111.75
S2: 112.22

S3: 112.51

Trade Signal

Look for a long position towards 113.20

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Imelda Maseno
Analyst of «FreshForex» company
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