Price below 110.31 | 01 Agustus 2017

01 Agustus 2017, USD/JPY

Price below 110.31

Technical Observations

Yesterday, Usd declined below the short term-support line 110.11 and is still rallying below. Today, I expect further decline towards the lower trend line and even a breakout below the lower support trend line. If this trend line is broken, I'll wait for a pullback to the just broken trend line to re-sell Usd with the first take profit at 108.85, next target at 108.12 and the last target at 106.13. On the weekly chart above, sell positions seems more ideal and can be recommended especially in case the price breaks below the lower trend line.

Technical levels:

Resistance levels

R1: 112.35

R2: 112.86
R3: 113.8
Pivot
110.65
Support Levels
S1: 110.04
S2: 110.98
S3: 111.41
Trade Signal
Consevertive traders should wait for breakout below the lower trendline to pick a short position towards 106.13

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Imelda Maseno
Analyst of «FreshForex» company
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