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Waiting for a pullback towards 110.63 to long USD

Waiting for a pullback towards 110.63 to long USD | 16 June 2017

16 June 2017, USD/JPY

Waiting for a pullback towards 110.63 to long USD

Technical Observation

Recently, there was a clear breakout when USD rose above the resistance line 110.63. This is a sign that bulls could be encroaching this market; although I expect an upward move, its safe to wait for a retracement to the just broken resistance line to long USD. On the 4 hour chart above, buy positions seems ideal but only after retracements to the just broken line. My advice, wait for a pullback towards 110.63 to long USD towards 112.02
Technical levels:
Resistance levels
R1: 111.27
R2: 111.41
R3: 111.69
Pivot Point
111.14
Support Levels
S1: 110.59
S2: 110.87
S3: 111.00
Trade Signal
Wait for a pullback towards 110.63 then long USD towards 112.02

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Imelda Maseno
Analyst of «FreshForex» company
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