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Go long towards 109.68

21 April 2017, USD/JPY

Go long towards 109.68
Technical Observation:
Recently, US Dollar successfully broke above 109. and has just retraced to the just broken retracement equilibrium zone. From the 4 Hour point of view, a long position is imminent. My advice therefore, go long but have your ST below the recent lowest low, 108.65 and a TP at 109.68. This view is only valid on the 4 Hour chart; the daily chart, however, paints a different picture indicating; we may be going long in the long run that the current upward move is a pullback.
Technical levels:
Resistance levels
R1: 109.68
R2: 109.97
R3: 110.74
Pivot Point
Support Levels
S1: 107.66
S2: 108.43
S3: 108.91
Trade Signal
Long USD towards 109.68

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Imelda Maseno
Analyst of «FreshForex» company
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