Flat temporarily | 21 June 2017
21 June 2017, USD/JPY
Technical Observation
USD is currently rallying below it's daily pivot line 111.50. Unless this pivot line is clearly breached to the upper side with a big green candle, I expect a decline towards 110.63 and a breakout below to continue short towards 109.00. On the 4 hour chart above, if you didn't go long on the first retrecament towards 110.63, you could wait for a second pullback towards 110.63 then long USD around this line. A breakout will mean the price may continue short thereby short positions will be ideal Technical levels:
Resistance levels
R1: 111.68R2: 111.98
R3: 112.46
Pivot Point
111.50
Support Levels
S1: 110.53S2: 111.01
S3: 111.2
Trade Signal
USD could drop towards 110.63
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.
