Long Usd towards 118.82 | 27 December 2017
27 December 2017, USD/JPY
Technical Observation:
For almost 12 months now, USD has remained confined within an equilibrium range, not going above the weekly resistance 114.82 or below the support 108.53. While the price is still within this range, I';m only interested in trading reversals, a breakout above or below this range will call for a breakout trading depending on the direction of breakout. Technically a breakout above 118.82 will likely push the price further upwards towards 119.15. while break below will push the price lower towards 102.75. As it is on the weekly chart above, long position looks more ideal towards 114.82.
Technical Levels
Resistance levels
R1: 114.98
R2: 116.12
R3: 118.92
Pivot
113.31
Support Levels
S1: 107.7
S2: 110.51
S3: 112.17
Trade Signal
Long Usd towards 118.82
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.
