07 August 2017, USD/JPY
Technical Observations
Instead of continuing short as previously forecasted, Usd declined almost 89 pips but ended up closing just a pip above it's opening price. The previous week's candle is an indecision candle meaning, movements to either directions are highly likely, I was waiting for a close below 110.28, to confirm a move to the lower side but as it appears, bulls are still in control. Thus, I waiting for a clear rejection signal from 110.28 to buy to pick a long position towards the upper resistance trendline. Sell positions will be more ideal if the price can break below the lower support trendline.
Technical levels:
Resistance levels
R1: 111.592
R2: 111.211
R3: 110.619
Pivot
110.238
Support Levels
S1: 109.646
S2: 109.265
S3: 108.673
Trade Signal
Look for long positions towards the upper trend line