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Short USD Towards 109.73

Short USD Towards 109.73 | 22 May 2017

22 May 2017, USD/JPY

Technical Observation:
Recently, USD breakout below a previous buy place 111.60. Now that the price is below it, I expect the line to act as a sell place unless it's breached to the upper side with a big red candle, but as it is, sell positions seems more ideal and safer towards 109.73. On the 4 Hour chart above, I expect a bearish rally towards 109.73 and may extend lower.
Technical levels:
Resistance levels
R1: 112.08
R2: 112.66
R3: 114.17
Pivot Point
111.16
Support Levels
S1: 108.15
S2: 109.65
S3: 110.57
Trade Signal
Short USD Towards 109.73

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Imelda Maseno
Analyst of «FreshForex» company
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