Flat | 08 June 2017

08 June 2017, USD/JPY

Flat
Technical Observation
USD is currently trading below it's daily pivot line 109.6. Unless there's a clear bullish breach above this pivot line, I expect more volatility to the lower side towards 108.87, and a possible breakout to the lower side. This is likely due to the upcoming UK Elections, and although the outcome of this election will have a major impact on the market, if you're not at par with fundamental trading, its better to remain flat. That said, I expect major key support and resistance lines to be broken and will be trading towards the direction of the breakouts.
Technical levels:
Resistance levels
R1: 110.08
R2: 110.37
R3: 111.14
Pivot Point
109.6
Support Levels
S1: 108.06
S2: 108.83
S3: 109.31
Trade Signal
Flat

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Imelda Maseno
Analyst of «FreshForex» company
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