Watch for sell opportunities | 18 April 2017
18 April 2017, USD/JPY
Technical Observation:
Recently, we witnessed a second retest of the retracement level 109.12. From the 4 hour chart, this was the best place to short the USDJPY towards 108.0. However, if the price can breakout above this retracement level, then we'll be waiting for a retest of the just broken line to buy. This long position should be short lived since the overall trend is bearish from the daily chart. As long as the line 109.12 is not surpassed. look for further drop to 108.26 or even lower to 106.67.
Technical levels:
Resistance levels
R1: 109.32
R2: 109.63
R3110.4
Pivot Point
108.79
Support Levels
S1: 107.11
S2:107.95
S3: 108.48
Trade Signal
Watch for sell opportunities.
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.
