Round Top Formation | 16 Oktober 2017

16 Oktober 2017, USD/JPY

Technical Observation:

Recently, while price was rising, it failed to breakout above the zone 113.44-113.18, and instead formed a sharp resembling a round top, or an inverted bowl. This is a sign that the current drop in price could continue but only after breaking below 111.41. As it is, I'm flat waiting for a descent below 111.41, to confirm a rally towards 110.15 and even lower to 107.67. My advice is to wait for price to get below 111.41

Technical Levels

Resistance levels

R1: 113.29

R2: 113.92
R3: 115.05
Pivot
112.8
Support Levels
S1: 110.56
S2: 111.68
S3: 112.16
Trade Signal
Sell Usd below 111.41 with a take profit at 110.16

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Imelda Maseno
Analyst of «FreshForex» company
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