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Remain flat temporarily.

Remain flat temporarily. | 17 May 2018

17 May 2018, USD/JPY

Remain flat temporarily.

Technical observation

Recently USD/JPY broke above a resistance line 110.15 then went up, currently it is retracing to it and I do not expect a break below it but a rejection of price from it for bullish momentum towards 111.29 and a possible breakout above it for a further rise in price towards 114.28.Right now I would advise you remain flat temporarily and wait for a close at the line to buy USD with your take profit at 111.29 and stop loss around 109.49.I expect a rise in price towards 114.28 on the days to come. On the daily chart above as long as price is above 110.15 only long positions look ideal and can be recommended.

Technical levels

Resistance levels

R1.109.55

R2.109.73

R3.110.1

Pivot

109.39

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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