Go long towards 109.68 | 21 April 2017
21 April 2017, USD/JPY
Technical Observation:
Recently, US Dollar successfully broke above 109. and has just retraced to the just broken retracement equilibrium zone. From the 4 Hour point of view, a long position is imminent. My advice therefore, go long but have your ST below the recent lowest low, 108.65 and a TP at 109.68. This view is only valid on the 4 Hour chart; the daily chart, however, paints a different picture indicating; we may be going long in the long run that the current upward move is a pullback.
Technical levels:
Resistance levels
R1: 109.68
R2: 109.97
R3: 110.74
Pivot Point
109.2
Support Levels
S1: 107.66
S2: 108.43
S3: 108.91
Trade Signal
Long USD towards 109.68
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.
