Short towards 111.65 | 16 November 2017
16 November 2017, USD/JPY
Technical Observation:
Yesterday, Usd traded with an increasing bearish bias, but is still bearish according to the daily chart. I went short around 114.21 and is still holding onto this position. My expectation is that the price should continue to drop towards 111.65 and may continue lower towards 105.15. If you din't short Usd based on the previous analysis, you could wait for minor bullish pullbacks towards 114.21 then pick a short position with your take profit at 111.65. Buy position can only be recommended in case the price breaks out above 114.21.
Technical Levels
Resistance levels
R1: 113.08
R2: 113.19
R3: 113.47
Pivot
112.92
Support Levels
S1: 112.36
S2: 112.64
S3: 112.8
Trade Signal
Short towards 111.65
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.
