Short USD towards 112.14 | 17 May 2017

17 May 2017, USD/JPY

Short USD towards 112.14
Technical Observation:
After a breakout below 113.78, USD retraced back to the just broken line thus giving me an opportunity to short USD towards 112.14. On the 4 Hour chart above, I still expect a rally towards 112.14 and a possible breakout below. In case of a breakout, it's better to wait for a pullback to the just broken line to re-sell towards 111.17. My advice, if you sent short at 113.78, leave this position open with SL above 113.90 and TP fixed at 112.14.
Technical levels:
Resistance levels
R1: 113.59
R2: 114.06
R3: 114.87
Pivot Point
113.26
Support Levels
S1: 111.64
S2: 112.45
S3: 112.78
Trade Signal
Short USD towards 112.14

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Imelda Maseno
Analyst of «FreshForex» company
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