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Remain flat temporarily.

16 May 2018, USD/JPY

Remain flat temporarily.

Technical observation

The general trend for the pair on the daily char above is upward. Yesterday price broke above a resistance line 110.15 with a big green candle and is currently correcting to it.I expect a rejection of price form it for bullish movements towards 111.29, I would advise you remain flat temporarily and wait for the current candle to close then you can buy USD on the second retracement to it just to make sure the breakout is not false. If price breaches above 111.29 with a big green candle, continue long with USD after a retracement to it.Short positions does not ideal on the chart above and cannot be recommended right now.

Technical levels

Resistance levels

R1.109.55

R2.109.73

R3.110.1

Pivot

109.37

Support levels

S1.109.18

S2.108.98

S3.108.61

Trade signal

Remain flat temporarily.

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Imelda Maseno
Analyst of «FreshForex» company
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