Long USD towards 113.77 | 09 May 2017
09 May 2017, USD/JPY
Technical Observation
Recently, USD entered into an ascending consolidation remaining confined within the upper side of the rising Andrew's pitch fork. Yesterday, The price was rejected from the median line of the pitch fork, and is currently above it. I expect a bullish move to the upper trend line acting as the top of the Andrews pitch fork. On the 4 Hour chart above, unless there's a clear bearish breakout below the median line, selling this pair seems a bit risky with this pair still above it's daily pivot. Only buy positions looks ideal. My advice, remain long towards the upper trend line.
Technical levels:
Resistance levels
R1: 113.58
R2: 113.89
R3: 114.79
Pivot Point
112.99
Support Levels
S1: 111.18
S2: 112.09
S3: 112.68
Trade Signal
Long USD towards 113.77
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.
