Remain flat temporarily. | 28 May 2018
28 May 2018, USD/JPY
Technical observation
USD/JPY broke above a resistance zone 109.04-108.27 then went up. Currently price is pulling back to the broken zone and I don’t expect a breakout below it but a rejection of price from it for possible bullish movements towards the resistance line 114.03 and a breakout above it for a further rise in price towards 121.13. I would advise you remain flat temporarily and wait for a rejection of price within the zone then long the pair. Right now only long positions look ideal and can be recommended. Short positions can only be advised in case of a clear breakout below 108.27 with a big red candle and a correction to it.
Technical levels
Resistance levels
R1.110.87
R2.112.36
R3.114.8
Pivot
109.91
Support levels
S1.108.43
S2.107.47
S3.105.02
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.
