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Wait for a buy around 113.27 towards 113.90

Wait for a buy around 113.27 towards 113.90 | 24 October 2017

24 October 2017, USD/JPY

Wait for a buy around 113.27 towards 113.90
Technical Observation:
Usd is currently rallying slightly above it's hourly pivot line 113.29. Unless there's a clean breakout below the support line 113.27, I expect a rejection from this 4 hour resistance to long Usd towards 118.00. On the way upwards, key resistance lines can be seen at 113.90, 114.00, and 118.00. On the other way, if the price breaks below 113.27, then I expect further drop in price towards 112.48 and could extend to the lower side towards 111.65. As it is, only a buy position can be recommended.
Technical Levels
Resistance levels
R1: 112.56
R2: 113.27
R3: 114.41
Pivot
113.29
Support Levels
S1: 109.83
S2: 110.98
S3: 111.42
Trade Signal
Wait for a buy around 113.27 towards 113.90

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Imelda Maseno
Analyst of «FreshForex» company
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