Long USD around 113.74-113.68 towards 117.01 | 11 May 2017

11 May 2017, USD/JPY

Long USD around 113.74-113.68 towards  117.01
Technical Observation
USD is trading slightly above it's pivot line 114.11. Unless there's a clear bearish breach below 114.110 and most importantly below 113.74, I expect an upward move towards 117.01. On the Hourly chart above, I expect a third retracement towards 113.74 to give me a strategic buy entry. I will only short USD if it breaks below 113.68 with a big red candle. My advice, you could place a pending buy limit order around 113.74-113.68 just in case the price retrace back to this level; your SL slightly below 113.62 and TP 117.01.
Technical levels:
Resistance levels
R1:114.58
R2: 114.84
R3: 115.57
Pivot Point
114.11
Support Levels
S1: 112.66
S2: 113.39
S3: 113.85
Trade Signal
Long USD around 113.74-113.68 towards 117.01

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Imelda Maseno
Analyst of «FreshForex» company
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