Short towards 104.41 | 22 November 2017
22 November 2017, USD/JPY
Technical Observation:
After bouncing off from the daily resistance line 114.30, Usd has been trading with an increasing bearish bias, and is still showing signs of falling even further. Just the other day, a slight pullback was seen and now the price is rallying even lower. I expect further momentum towards 108.41 or even lower. The key hurdles on the lower side include 111.20, 110.10 and 108.41, if these three lines are breached, then I expect further decline towards 101.30. On the other side, a buy position may be advised if the price goes above 114.30.
Technical Levels
Resistance levels
R1: 113.35
R2: 113.64
R3: 114.24
Pivot
113.10
Support Levels
S1: 111.84
S2: 112.44
S3: 112.75
Trade Signal
Short towards 104.41
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.
