Remain long towards 112.82 | 17 Oktober 2017

17 Oktober 2017, USD/JPY

Remain long towards 112.82
Technical Observation:
Last trading day, Usd failed to penetrate below the support line 111.68, instead the price bounced off from this support line 111.68, and is currently heading to the upper side. Unless the price declines below 111.68, I expect a rise towards 112.82, and even a breakout above 113.25. If the price gets above 113.25, then the price is going to continue upwards towards 118.00 and could rise higher to 121.00. As it is, a sell position can be recommended upon a rebound from 112.82, and a break below 111.60, towards 107.65.
Technical Levels
Resistance levels
R1: 113.29
R2: 113.92
R3: 115.05
Pivot
112.91
Support Levels
S1: 110.56
S2: 111.68
S3: 112.16
Trade Signal
Remain long towards 112.82

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Imelda Maseno
Analyst of «FreshForex» company
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