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Remain flat

Remain flat | 14 May 2018

14 May 2018, USD/JPY

Technical observation

After rising above the resistance zone 107.91-106.93, USD/JPY continued to rise towards 114.34.I expect a correction of price to the broken zone for possible bullish momentum towards 114.34 and a breakout above it for further rise in price towards 121.13.I would advise you remain flat and wait for a correction to the zone then buy USD within it with your take profit at 114.34 and stop loss around 104.33.Remain long with USD in case of a breakout above 114.34 and a correction to it with your idea target at 121.13.On the chart above only long positions can be recommended within the zone 107.91-106.93.

Technical levels

Resistance levels

R1.110.02

R2.110.65

R3.111.91

Pivot

109.39

Support levels

S1.108.75

S2.108.12

S3.106.86

Trade signal

Remain flat.

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Imelda Maseno
Analyst of «FreshForex» company
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