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Short USD towards 109.73

Short USD towards 109.73 | 31 May 2017

31 May 2017, USD/JPY

Short USD towards 109.73
Technical Observation
Recently, a breakout was observed when USD went below the bearish flag and is still rallying below it. Following the retracement towards 111.35, I expect further decline towards 109.73 and may decline further low. On the 4 Hour chart above, sell orders seems more ideal and can be recommended unless 111.35 is clear breached to the upper side by a big green candle. This being the case, an ascend towards 114.35 seems more ideal.
Technical levels:
Resistance levels
R1: 111.36
R2: 111.48
R3: 111.69
Pivot Point
111.27
Support Levels
S1: 110.86
S2: 111.07
S3: 111.15
Trade Signal
Short USD towards 109.73

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Imelda Maseno
Analyst of «FreshForex» company
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