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Short USD from 112.78 towards 112.14

Short USD from 112.78 towards 112.14 | 16 May 2017

16 May 2017, USD/JPY

Short USD from 112.78 towards 112.14
Technical Observation
USD is currently trading below it's daily pivot line 113.59. Unless there's a clear bullish breach above this pivot line, a bearish move towards 112.14 is expected. On the 4 Hour chart above, 113.78 is a key sell line and any second retracement to this line will attract sell orders with a target fixed at 112.14. A breakout above this line will mean waiting for pullbacks to the just broken line to rebuy USD. My advice, unless there's a breach above 113.78, expect a move towards 112.14
Technical levels:
Resistance levels
R1: 113.91
R2: 114.18
R3: 114.78
Pivot Point
113.59
Support Levels
S1: 112.39
S2: 112.99
S3: 113.32
Trade Signal
Short USD from 112.78 towards 112.14

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