Long USD around 112.96 towards 117.01 | 10 May 2017
10 May 2017, USD/JPY
Technical Observation
USD is yet to retrace back to the resistance line 112.96. I expect a rally towards this line to buy USD towards 117. On the 4 Hour chart above, sell positions seems to be ideal but only up to 112.96, but on the daily chart, there's still momentum to the upperside. My advice, either wait for a retracement towards 112.96 to long USD or short USD now towards 112.96.
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 around 112.96 towards 117.01
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.
