Remain flat | 01 May 2018
01 May 2018, USD/JPY
Technical observation
After breaking up above a resistance zone 107.68-107.30, USD raced up towards a resistance line 111.29 but could not reach it and is currently showing signs of pulling back to the zone. I expect a rejection of it within or around the zone for a possible bullish momentum towards 111.29 and a breakout above it for a further increase in price. I would advise you remain flat right now and wait for the correction to 107.68-107.30 then buy USD on the second retracement to the zone with your take profit at 11.29 and stop loss around 106.62.Remain long after a breakout above the resistance line 111.29.
Technical levels
Resistance levels
R1.109.41
R2.109.77
R3.110.36
Pivot
109.18
Support levels
S1.108.82
S2.108.59
S3.108
Trade signal
Remain flat right now and wait for the correction to 107.68-107.30 to buy USDJPY.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
