25 May 2018, USD/JPY
Technical observation
USD/JPY retraced well to the support 109.04, it could sent a tail to it and could not penetrate below it.Price is now moving up and I would advise you long the pair now with your take profit at 111.17 and stop loss around 108.27, if price breaks above this take profit, wait or a correction to it then continue long with USD towards 113.47.I expect a rise in price today and in the coming days or a gap to the upper side. As the pair on the daily chart above is on an upward trend, only long positions look ideal and can be recommended with the ultimate target at 113.47.Only sell if there’s a clear breakout below 109.04 with a big red candle.
Technical levels
Resistance levels
R1.111.02
R2.111.29
R3.111.76
Pivot
110.86
Support levels
S1.110.54
S2.110.34
S3.109.86
Trade signal
Buy USD/JPY now with your take profit at 111.17 and stop loss around 108.27.
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