USDJPY – Down
Technical Observation:
According to the weekly chart above, Usd is being supported by a key level 108.62, this is a key weekly supported and unless its clear breached to the lower side with a big red candle, I expect a bounce from it to pick another long position with my take profit at 114.64, if this line is breached, then I’ll wait for a pullback to the just broken line to pick a short position towards 102.55 or even lower. On the way downwards, the key lines to look for include 105.40, 103.50 and 102.55
Technical Levels
Resistance levels
R1: 110.97
R2: 111.76
R3: 113.84
Pivot
109.70
Support Levels
S1: 105.54
S2: 107.62
S3: 108.89
Trade Signal
Rebuy Usd around 108.62 towards 114.64
You may check other analytical reviews on FreshForex website. Source: freshforex.com.