Remain flat | 14 May 2018
14 May 2018, USD/JPY
Technical observation
After rising above the resistance zone 107.91-106.93, USD/JPY continued to rise towards 114.34.I expect a correction of price to the broken zone for possible bullish momentum towards 114.34 and a breakout above it for further rise in price towards 121.13.I would advise you remain flat and wait for a correction to the zone then buy USD within it with your take profit at 114.34 and stop loss around 104.33.Remain long with USD in case of a breakout above 114.34 and a correction to it with your idea target at 121.13.On the chart above only long positions can be recommended within the zone 107.91-106.93.
Technical levels
Resistance levels
R1.110.02
R2.110.65
R3.111.91
Pivot
109.39
Support levels
S1.108.75
S2.108.12
S3.106.86
Trade signal
Remain flat.
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.
