Buy USDJPY around 107.68-107.30 | 07 May 2018
07 May 2018, USD/JPY
Technical observation
Recently USDJPY broke above a resistance zone 107.68-107.30 with a big green candle and is pretty much above it.Right now USD is showing signs of pulling back to the zone and I expect a rejection of it within the zone for bullish movement of price towards the resistance line 114.34 and a breakout above it for a further rise in price. I would advise you buy USD within the zone with your take profit at 114.34 and stop loss around 104.70.Remain long with USD after a breakout above 114.34 and a correction to it.Short positions can only be advised in case of a clear breakout below 107.68-107.30 with a big red candle.
Technical levels
Resistance levels
R1.109.86
R2.110.65
R3.112.04
Pivot
109.25
Support levels
S1.108.47
S2.107.86
S3.106.47
Trade signal
Buy USD after the second correction to 107.68-107.30 with your take profit at 114.34 and stop loss around 104.70.
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.
