Flat | 08 June 2017
08 June 2017, USD/JPY
Technical Observation
USD is currently trading below it's daily pivot line 109.6. Unless there's a clear bullish breach above this pivot line, I expect more volatility to the lower side towards 108.87, and a possible breakout to the lower side. This is likely due to the upcoming UK Elections, and although the outcome of this election will have a major impact on the market, if you're not at par with fundamental trading, its better to remain flat. That said, I expect major key support and resistance lines to be broken and will be trading towards the direction of the breakouts.
Technical levels:
Resistance levels
R1: 110.08R2: 110.37
R3: 111.14
Pivot Point
109.6
Support Levels
S1: 108.06S2: 108.83
S3: 109.31
Trade Signal
Flat
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.
