19 October 2017, USD/JPY
Technical Observation:
After a rejection from the support line 111.71, Usd rose higher than expected and even broke out above the resistance line 112.05. This is a bullish signal, and unless the price gets back below 112.85 with a big red candle, I remain reluctant to short Usd, instead, I'm waiting for a bullish continuation candle to long Usd towards 118.00. On the way upwards, key lines can be seen at 114.00, 115.00 and ultimately 118.00. If the price should rise above 118.00, than I expect a rise towards 121.00.
Technical Levels
Resistance levels
R1: 112.56
R2: 113.27
R3: 114.41
Pivot
112.12
Support Levels
S1: 109.83
S2: 110.98
S3: 111.42
Trade Signal
Buy above 112.85 towards 118.00
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