Bearish pin bar | 30 October 2017
30 October 2017, USD/JPY
Technical Observation:
Last trading day, Usd rose up to the highs of 114.488 but close at 113.68, several pips below it's opening price. the Friday's candle is a perfect pin bar, and could push the price to the lower side towards 112.83. According to the daily chart above, 113.96 is a key resistance line and a rejection from it mean looking for a short position towards 111.737 is more ideal. My advice, wait for a pullback towards 113.96 is a key resistance line and unless the price breaks above it with a big green candle, I'm only interested in a short position.
Technical Levels
Resistance levels
R1: 112.56
R2: 113.27
R3: 114.41
Pivot
112.12
Support Levels
S1: 109.83
S2: 110.98
S3: 111.42
Trade Signal
Look for a short position towards 111.737
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.
