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Short USD around 111.60-111.30 towards 109.72

Short USD around 111.60-111.30 towards 109.72 | 28 April 2017

28 April 2017, USD/JPY

Short USD around 111.60-111.30 towards 109.72
Technical Observation:
The USD is contained below the resistance zone 111.60-111.38. Recently, the price spiked above this zone but immediately plunged below it. If this zone is not clearly breached to the upper side, a move towards 109.72 is expected. On the 4 Hour chart above, short positions are recommended unless the price gets above 111.60. My advice, look for sell orders as long as the price rallies around 111.60-111.38. At the moment, buy positions seems risky and may not be advisable.
Technical levels:
Resistance levels
R1: 111.56
R2: 111.86
R3: 112.42
Pivot Point
111.3
Support Levels
S1: 110.19
S2: 110.74
S3: 111
Trade Signal
Short USD around 111.60-111.30 towards 109.72

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Imelda Maseno
Analyst of «FreshForex» company
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