Bad day for the Usd | 15 December 2017
15 December 2017, USD/JPY
Technical Observation:
USD is rallying around a short term support line 112.19. USD failed to spike upwards even after the bullish continuation candle observed almost 4 days ago. This is a possible bearish dominance indication and while the price is still above 112.19, I choose to remain flat and wait for a breakout below it to pick a low risk short position towards 111.20. As it is on the daily chart above, I can only advice remaining flat and then pick a short position on breaking below 112.19. On the way downwards, the key lines to look for include 111.65, if this lines are broken, then I expect further decline towards 108.41.
Technical Levels
Resistance levels
R1: 113.1
R2: 114
R3: 116.04
Pivot
112.97
Support Levels
S1: 107.9
S2: 109.94
S3: 111.06
Trade Signal
Flat
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.
