Look for a buy position towards 118.00 | 02 Oktober 2017
02 Oktober 2017, USD/JPY
Technical Levels:
USD is currently trading above its weekly pivot line 111.90. Unless there's a clear bearish breach below this pivot line, I expect bullish movement towards 118.0 and even a breakout above the upper resistance. On the way upwards, key Resistance lines can be seen around 112.8, 11.63 and 115.35. If the price breaks above these lines, then the it could rise even further towards 118.00. This upward rally is highly expected since on the monthly chart, there's a perfect bullish engulfing candle and will push the price to the upper side towards the monthly resistance line 118.00
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