Short USD towards 104.00 | 15 June 2017

15 June 2017, USD/JPY

Short USD towards 104.00
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: 110.27
R2: 110.45
R3: 110.81
Pivot Point
110.10
Support Levels
S1: 109.38
S2: 109.74
S3: 109.91

Trade Signal

Short USD towards 104.00

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Imelda Maseno
Analyst of «FreshForex» company
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