Round Top Formation | 16 October 2017
16 October 2017, USD/JPY
Technical Observation:
Recently, while price was rising, it failed to breakout above the zone 113.44-113.18, and instead formed a sharp resembling a round top, or an inverted bowl. This is a sign that the current drop in price could continue but only after breaking below 111.41. As it is, I'm flat waiting for a descent below 111.41, to confirm a rally towards 110.15 and even lower to 107.67. My advice is to wait for price to get below 111.41
Technical Levels
Resistance levels
R1: 113.29
R2: 113.92
R3: 115.05
Pivot
112.8
Support Levels
S1: 110.56
S2: 111.68
S3: 112.16
Trade Signal
Sell Usd below 111.41 with a take profit at 110.16
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.
