Short USD towards 109.18 | 27 April 2017
27 April 2017, USD/JPY
Technical Observation:
Previously, USD rose above the short term resistance zone 111.60-111.38 but immediately dived below it again. On the 4 hour chart above, this is a possible false breakout and unless there's a clean breakout and a clean retracement to this zone, I expect the price to plunge down to 109.72. My advice, unless there's a clear bullish breach above the zone marked above, you should consider a short position with SL above the previous day's highest high 111.77 and TP at 109.18.
Technical levels:
Resistance levels
R2: 112.16
R3: 113.07
Pivot Point
111.25
Support Levels
S1: 109.43S2: 110.34
S3: 110.72
Trade Signal
Short USD towards 109.18
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.
