sell a breakout below 112.00. | 28 December 2017
28 December 2017, USD/JPY
Technical Observation:
Usd continues to plummet but is currently approaching a short term support line 112.00. I expect a spike towards this support but should not penetrate below it. On this chart, the best places to buy usd is either on a rejection from 112.00 or 108.72. As it is, only a short position looks more ideal and can be advised. Alternatively, instead of shorting now, you could wait for a breakout below 112.00 then pick a short position with your take profit at 108.72. On the way downwards, the key lines to look for include 111.05, 110.10 and lastly 108.72.
Technical Levels
Resistance levels
R1: 113.86
R2: 114.41
R3: 115.74
Pivot
113.08
Support Levels
S1: 110.42
S2: 111.75
S3: 112.52
Trade Signal
Conservative traders should only sell a breakout below 112.00.
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.
