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Short USD below 111.6 towards 109.75

Short USD below 111.6 towards 109.75 | 03 May 2017

03 May 2017, USD/JPY

Short USD below 111.6 towards 109.75

Technical Observation:
Recently USD broke out above the resistance trend line acting as the top of the ascending wedge but has currently retraced back to it. On the hourly chart attached, a possible short term buy trade is looming, this long position should only be on the shortest time possible since on the daily, there's no similar breakout instead the price could rally lower for the longest time as long as 112.06 is not breached to the upper side. My advice, if you go long now, leave this position open only towards 112.24, and only go short in case of a clear bearish below 111.6 .
Technical levels:
Resistance levels
R1:112.07
R2:112.27
R3: 112.79
Pivot Point
111.75
Support Levels
S1: 110.71
S2: 111.23
S3: 111.55
Trade Signal
Short USD below 111.6 towards 109.75.

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Imelda Maseno
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