Bears dominating | 17 November 2017
17 November 2017, USD/JPY
Technical Observation:
Earlier today, Usd plunged almost 70 pips and is still very bearish. I expect further decline in price towards the hour support line 111.65 and could breakout lower with the next take profit at 108.50. If you didn't short yesterday, you could wait for minor pullbacks to the upper side, then pick a short position with your take profit 111.65. As it is on the daily chart above, my advice is to remain short. If you're yet to sell Usd you could wait for a breakout below the support line 111.65, then pick a short position towards 108.05.
Technical Levels
Resistance levels
R1: 113.13
R2: 113.21
R3: 113.36
Pivot
113.06
Support Levels
S1: 112.77
S2: 112.91
S3: 112.98
Trade Signal
Remain short with a take profit at 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.
