Buyers encroaching | 11 December 2017
11 December 2017, USD/JPY
Technical Observation:
Last week's candle is a perfect bullish continuation candle. The week't candle opened at 112.74, went to the lows of 111.98 before recovering immensely to the upper side. I expect further rise even during this week towards 114.75, which is a key supply zone and should act as sell place. With that in mind, if you didn't go long based on last week's forecast, then wait for a breakout above 114.75, to buy, or a rebound from 114.75-113.98, then short Usd towards 105.00
Technical Levels
Resistance levels
R1: 113.1
R2: 114
R3: 116.04
Pivot
113.97
Support Levels
S1: 107.9
S2: 109.94
S3: 111.06
Trade Signal
Long with a take profit at 114.75
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.
