Flat | 26 June 2017

26 June 2017, USD/JPY

Flat
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: 112.02
R2: 112.71
R3: 113.98
Pivot Point
111.66
Support Levels
S1: 108.9
S2: 110.17
S3: 110.75
Trade Signal
Flat

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Imelda Maseno
Analyst of «FreshForex» company
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