11 Agustus 2017, USD/JPY
Technical Observation
Recently, Usd descended below the supportive trend line and is still below it. This is an onset to bearish breakout and unless price comes back and close above this trend line, I expect a minor pullback to the just broken trend line and also towards 110.25 to pick a short position with my take profit at 106.13. On the weekly chart above, short positions seems more ideal especially if price close below 110.25. My advice wait for price to close below this trend line then place a pending sell limit order around 110.25 with take profit at 106.13.
Technical levels:
Resistance levels
R3: 112.399
R2: 111.726
R1: 111.189
Pivot
110.527
Support Levels
S1: 109.979
S2: 109.306
S3: 108.769
Trade Signal
Wait for a close below the lower trendline to pick a short position.