Wait and Re-sell Usd around 113.62 | 12 July 2017

12 July 2017, USD/JPY

Wait and Re-sell Usd around 113.62

Technical Observation

Recently, Usd declined in price and even broke out below the hourly support line 113.62 with a big green candle. This is a sign that bears are in dominance but instead of going short now, I choose to remain flat temporarily and wait for a pullback towards 113.62 to short Usd towards 112.96. Unless 113.62 is clearly broken to the upper side with a big green candle, short positions looks more ideal. On the hourly chart above, the resistance line 113.62 is the best place to short Usd but if your short already leave this positions open. If 112.96 is clearly broken, then I expect further decline towards the daily support line 111.94.

Technical levels:

Resistance levels

R1: 113.61

R2: 113.76
R3: 114
Pivot
113.52
Support Levels
S1: 113.04
S2: 113.28
S3: 113.38
Trade Signal
Sell Usd around 113.62

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Imelda Maseno
Analyst of «FreshForex» company
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