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Expect Further Decline Towards 109.23

Expect Further Decline Towards 109.23 | 25 May 2017

25 May 2017, USD/JPY

Expect Further Decline Towards 109.23
Technical Observation
Recently, USD fell drastically and is currently rallying below 111.60. 111.60 is a key line and unless it's clearly breached to the upperside, I epect further decline towards 109.73. On the 4 Hour chart above, sell positions seems more ideal compared to buy positions. My advice, short USD with your SL above the previous day's highest high112.12 and TP at 109.23. Technical levels:
Resistance levels
R1: 112.02
R2: 112.4
R3: 113.05
Pivot Point
111.75
Support Levels
S1: 110.44
S2: 111.1
S3: 111.36
Trade Signal
Short USD towards 109.23

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Imelda Maseno
Analyst of «FreshForex» company
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