Remain flat temporarily. | 17 May 2018
17 May 2018, USD/JPY
Technical observation
Recently USD/JPY broke above a resistance line 110.15 then went up, currently it is retracing to it and I do not expect a break below it but a rejection of price from it for bullish momentum towards 111.29 and a possible breakout above it for a further rise in price towards 114.28.Right now I would advise you remain flat temporarily and wait for a close at the line to buy USD with your take profit at 111.29 and stop loss around 109.49.I expect a rise in price towards 114.28 on the days to come. On the daily chart above as long as price is above 110.15 only long positions look ideal and can be recommended.
Technical levels
Resistance levels
R1.109.55
R2.109.73
R3.110.1
Pivot
109.39
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.
