Earlier this week Usd rose slightly to the upper side but is still below the upper resistance trend line. I expect a rejection from this trend line to short usdjpy with my take profit along the lower support trend line. If the upper trend line is broken, then the price may likely rise towards the weekly resistance line set at 118.00. On the way upwards, key resistance lines can be seen around 114.00, 115.00 and ultimately 118.00. If 118.00 is breached, then the price could rise towards 122.00 or even higher.
Technical Levels
Resistance levels
R1: 113.35
R2: 114.2
R3: 115.98
Pivot
112.41
Support Levels
S1: 108.84
S2: 110.63
S3: 111.57
Trade Signal
Wait for a rejection around the upper resistnace to short Usd towards the lower trendline.
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