23 August 2017, USD/JPY
Technical Observations
Usd remains with the wedge formation even after the bears came back last week. Unless this wedge is clearly broken to the lower side with a big red candle, I expect a rally towards the upper trend line, if the lower trend line is broken, and most importantly if the support line 108.49 is broke, then a rally towards 104.50 is highly anticipated. A key resistance line can be seen around 115.09, while a key support can be seen around 108.40, if 115.09 is broken, then a rise towards 118.00 is expected.
Technical levels:
Resistance levels
R3: 110.645
R2: 110.148
R1: 109.849
Pivot
109.352
Support Levels
S1: 109.053
S2: 108.556
S3: 108.257
Trade Signal
Unless the lower trendline is broken, look for long positions towards 115.09.