Bullish pullback but still short | 07 June 2017

07 June 2017, USD/JPY

Technical Observation

Following the breakout below the short term support line 110.67, the price retraced back to the same line but got rejected and continued short. The upward rally that began upon hitting the lows of 109.21 is a pullback move towards 109.73 where I have a pending sell limit. On the 4 hour chart above, sell positions seems more ideal towards 107.04; a breakout below this line push the price further lower.

Technical levels:

Resistance levels

R1: 109.78

R2: 110.2

R3: 110.9

Pivot Point

109.51

Support Levels

S1: 108.11

S2: 108.81

S3: 109.09

Trade Signal

Pulling back towards 109.73 but still bearish.

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.

Anjara

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Imelda Maseno

Analyst of «FreshForex» company

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