Look for a short position | 05 February 2018
05 February 2018, USD/JPY
Technical Observation:
Usd is currently trading just a few pips above its weekly pivot line seen at 109.69. Almost a fortnight ago, the price went below the lower supportive trend line and has currently pulled back towards it. Unless there's a clear breakout above it, with a big green candle, I expect a decline in price towards 100.48 or even lower. As it is on the weekly chart above, I expect a sell position around 110.00 with my take profit at 100.45. On the way downwards, the key lines to look for include 106.15, 102.35 and 100.45
Technical Levels
Resistance levels
R1: 110.97
R2: 111.76
R3: 113.84
Pivot
109.69
Support Levels
S1: 105.54
S2: 107.62
S3: 108.89
Trade Signal
Look for a short position towards 100.45
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.
