Short USD towards 104.00 | 15 June 2017
15 June 2017, USD/JPY
Technical Observation
Recently, a clear breakout was seen when USD went below the immediate trend line acting as the diagonal to the triangular formation. Following the pullback towards the short term resistance line 109.69, I expect a rejection from this line, to short USD towards 104.0. Unless this resistance line is clearly broken to the upper side, I looking for a sell position seems more ideal. On the 4 Hour chart above, Conservative traders could wait and sell USD around 110.63 with TP still fixed at 104.0 Technical levels:
Resistance levels
R1: 110.27R2: 110.45
R3: 110.81
Pivot Point
110.10
Support Levels
S1: 109.38S2: 109.74
S3: 109.91
Trade Signal
Short USD towards 104.00
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.
