Flat | 06 November 2017

06 November 2017, USD/JPY

Flat
Technical Observation:
USD is still rallying within the resistance zone 113.97-114.26. This stagnation around this zone may mean the price is looking to edge even higher. Thus, if the price can give a clear buy signal, I would consider a long position. Furthermore the month chart is a bullish pin bar candle and will push the price to the upper side towards 118.00. As it is on the daily chart above, only a buy position can be recommended towards 118.00. If this resistance is broken, then the price may rise higher towards 121.00.
Technical Levels
Resistance levels
R1: 114.36
R2: 114.63
R3: 115.32
Pivot
113.95
Support Levels
S1: 112.58
S2: 113.26
S3: 113.67
Trade Signal
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Imelda Maseno
Analyst of «FreshForex» company
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