Flat | 26 June 2017
26 June 2017, USD/JPY
Technical Observation
Recently, Usd entered into a contracting wedge and is still withing it. I'm waiting for a clear breakout above the upper trend line. to long Usd towards the resistance line 111.72. A break above this trend line will push the price further upwards towards 115.00. However, if the price breaks below the lower trend line, then I expect a decline towards the support line 110.84 . On the 4 hour chart above, its better to wait for a breakout on the either side to either but or sell depending on the direction of breakout. Technical levels:
Resistance levels
R1: 112.02R2: 112.71
R3: 113.98
Pivot Point
111.66
Support Levels
S1: 108.9S2: 110.17
S3: 110.75
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.
