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Wait for retracements to buy Usd towards 118.00

Wait for retracements to buy Usd towards 118.00 | 21 September 2017

21 September 2017, USD/JPY

Wait for retracements to buy Usd towards 118.00
Technical Observation:
Since the beginning of September this year, Usd has been making higher lows and even went above a key 4 hour resistance line 111.35. I went long following the breakout above this line and is still holding onto this position. My expectation is that the price should rise even further towards 118.00 or even higher. As it is, I'm waiting for a a minor retracement towards 112.05 to pick a long position with an ideal take profit 118.00. If you didn't long Usd around 111.35, you could wait for retracements to pick a long position.
Technical Levels
Resistance levels
R1: 112.91
R2: 113.45
R3: 114.9
Pivot
112
Support Levels
S1: 109.09
S2: 110.54
S3: 111.46
Trade Signal
Wait for retracements to buy Usd towards 118.00

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Imelda Maseno
Analyst of «FreshForex» company
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