Bulls coming back | 07 September 2017

07 September 2017, USD/JPY

Bulls coming back
Technical Observation:
Earlier this week, there was an attempt break below the lower trend line, but the price could not sustain this break below. Instead, the price rallied even higher and ended up above this trend line, this is a bullish indication and could signal a rise in the number of buyers, thus, unless there's a clear bearish breakout below the lower trend line and most importantly below 108.49, I expect a rise towards the upper side. On the way upwards, key resistance lines that could challenge this upward rally include 110.83, and 112.04, a halt may be observed around these lines and therefore may be sell places.
Technical levels:
Resistance levels
R3: 110.524
R2: 109.962
R1: 109.579
Pivot
109.017
Support Levels
S1: 108.634
S2: 108.072
S3: 107.689
Trade Signal
Long towards the upper trend line.

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Imelda Maseno
Analyst of «FreshForex» company
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