Bearish towards 107.4 | 06 June 2017
06 June 2017, USD/JPY
Technical Observation
USD is currently trading below its daily pivot line 110.54. . Unless there's a clear bullish breach above this pivot line with a big green candle, I expect further decline towards 107.4 and even a breakout below. On the 4 hour chart above, I'm waiting for a clear breakout below the short term support line 109.73 to confirm the continuation of this bearish rally towards 107.4. My advice, look for sell positions towards 107.4.
Technical levels:
Resistance levels
R1: 110.7
R2: 110.9
R3: 111.25
Pivot Point
110.54
Support Levels
S1: 109.82S2: 110.18
S3: 110.34
Trade Signal
Short USD towards 107.4
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.
