Long USD around 113.74-113.68 towards 117.01 | 11 May 2017
11 May 2017, USD/JPY
Technical Observation
USD is trading slightly above it's pivot line 114.11. Unless there's a clear bearish breach below 114.110 and most importantly below 113.74, I expect an upward move towards 117.01. On the Hourly chart above, I expect a third retracement towards 113.74 to give me a strategic buy entry. I will only short USD if it breaks below 113.68 with a big red candle. My advice, you could place a pending buy limit order around 113.74-113.68 just in case the price retrace back to this level; your SL slightly below 113.62 and TP 117.01.
Technical levels:
Resistance levels
R1:114.58R2: 114.84
R3: 115.57
Pivot Point
114.11
Support Levels
S1: 112.66S2: 113.39
S3: 113.85
Trade Signal
Long USD around 113.74-113.68 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.
