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Long USD around 112.32-112.25 towards 114.90.

Long USD around 112.32-112.25 towards 114.90. | 05 May 2017

05 May 2017, USD/JPY

Long USD around 112.32-112.25 towards 114.90.
Technical Observation:
After breaking above the buy zone (112.32-112.25), on 3rd may and 4th may, US retraced to this level for the first and second time respectively. I expect a third retracement to this zone to buy USD towards 113. On the hourly chart above, I have a pending buy order limit place within the highlighted buy zone. My advice, wait for a third retracment towards 112.32-112.25 to re-buy USD towards 113.
Technical levels: Resistance levels
R1: 112.96
R2:113.26
R3:114.03
Pivot Point
112.48
Support Levels
S1: 110.93
S2: 111.71
S3: 112.19
Trade Signal
Long USD around 112.32-112.25 towards 114.90.

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Imelda Maseno
Analyst of «FreshForex» company
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