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Wait and Buy Usd around 112.59 towards 118.00

Wait and Buy Usd around 112.59 towards 118.00 | 28 September 2017

28 September 2017, USD/JPY

Wait and Buy Usd around 112.59 towards 118.00
Technical Observation
Recently, a breakout was seen when Usd brokeout above the 4 hour resistance line 112.59, retraced back to it bay could not penetrate below it. This breakout is a bullish signal, however, I'm waiting for a second pullback to the just broken line to pick a long position with my take profit fixed at 118.00. Unless the support 112.59 is clearely breached to the lowerside with a big red candle, I remain hesistant to short Usd, rather, I'm waiting for a pullback towards 112.59 to buy Usd towards 118.00.
Technical levels:
Resistance levels
R1: 112.65
R2: 113.06
R3: 114.04
Pivot
112.12
Support Levels
S1: 110.1
S2: 111.09
S3: 111.67
Trade Signal
Wait and Buy Usd around 112.59 towards 118.00

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Imelda Maseno
Analyst of «FreshForex» company
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