still some sellers left? | 07 December 2017
07 December 2017, USD/JPY
Technical Observation:
Last week's candle was a bullish engulfing candle and meant that the price was to rise but until now, bears still appears to have some strength left. I still expect a rise towards 114.10 and even a breakout above 114.82 to continue higher towards 118.00. As it is on the weekly chart above, only buy positions look more ideal, but if you're a skeptic to buy now, you could wait and buy above 114.82, or sell upon a rejection from 114.10-114.82 with you take profit at 108.61.
Technical Levels
Resistance levels
R1: 113.1
R2: 114
R3: 116.04
Pivot
111.97
Support Levels
S1: 107.9
S2: 109.94
S3: 111.06
Trade Signal
Look for a buy trade towards 114.10
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.
