Bearish towards 107.4 | 06 Juni 2017

06 Juni 2017, USD/JPY

Bearish towards 107.4
Technical Observation
USD is currently trading below its daily pivot line 110.54. . Unless there's a clear bullish breach above this pivot line with a big green candle, I expect further decline towards 107.4 and even a breakout below. On the 4 hour chart above, I'm waiting for a clear breakout below the short term support line 109.73 to confirm the continuation of this bearish rally towards 107.4. My advice, look for sell positions towards 107.4.
Technical levels:
Resistance levels
R1: 110.7
R2: 110.9
R3: 111.25
Pivot Point
110.54
Support Levels
S1: 109.82
S2: 110.18
S3: 110.34
Trade Signal
Short USD towards 107.4

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Imelda Maseno
Analyst of «FreshForex» company
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