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Remain flat temporarily.

Remain flat temporarily. | 28 May 2018

28 May 2018, USD/JPY

Technical observation

USD/JPY broke above a resistance zone 109.04-108.27 then went up. Currently price is pulling back to the broken zone and I don’t expect a breakout below it but a rejection of price from it for possible bullish movements towards the resistance line 114.03 and a breakout above it for a further rise in price towards 121.13. I would advise you remain flat temporarily and wait for a rejection of price within the zone then long the pair. Right now only long positions look ideal and can be recommended. Short positions can only be advised in case of a clear breakout below 108.27 with a big red candle and a correction to it.

Technical levels

Resistance levels

R1.110.87

R2.112.36

R3.114.8

Pivot

109.91

Support levels

S1.108.43

S2.107.47

S3.105.02

Trade signal

Remain flat temporarily.

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Imelda Maseno
Analyst of «FreshForex» company
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