Look for a long position towards 113.20 | 11 October 2017
11 October 2017, USD/JPY
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
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.
