Remain flat temporarily. | 16 May 2018
16 May 2018, USD/JPY
Technical observation
The general trend for the pair on the daily char above is upward. Yesterday price broke above a resistance line 110.15 with a big green candle and is currently correcting to it.I expect a rejection of price form it for bullish movements towards 111.29, I would advise you remain flat temporarily and wait for the current candle to close then you can buy USD on the second retracement to it just to make sure the breakout is not false. If price breaches above 111.29 with a big green candle, continue long with USD after a retracement to it.Short positions does not ideal on the chart above and cannot be recommended right now.
Technical levels
Resistance levels
R1.109.55
R2.109.73
R3.110.1
Pivot
109.37
Support levels
S1.109.18
S2.108.98
S3.108.61
Trade signal
Remain flat temporarily.
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.
