18 Agustus 2017, USD/JPY
Technical Observations
On the weekly chart, shown on yesterday's forecast, Usd is showing signs of rising towards 115.01. However, on the 4 hour chart above, Usd just bounced off from a key resistance line 110.98 and could continue downwards. This means, intraday traders, trading this pair should focus more on sell orders and if the price breaks above 110.98 with a big green candle, then they should look for long positions towards 112.82. That said, according to the chart above, only short orders can be recommended.
Technical levels:
Resistance levels
R1: 111.582
R2: 111.221
R3: 110.419
Pivot
110.145
Support Levels
S1: 109.245
S2: 109.365
S3: 108.473
Trade Signal
Wait for a break below 109.12 to continue short towards 108.00