Waiting for a Buy Long Signal. | 12 May 2017

12 May 2017, USD/JPY

Waiting for a Buy Long Signal.

Technical Observation Recently, USD has made lower highs but is currently rallying just above a key support line 113.62. This support should protect any breakout below it, but if this is breached, then its better to wait for retracement to the just broken line to short USD towards 113.15. On the 4hour chart above, I expect a bounce from 113.62 to long USD towards 114.35. At the moment, I'm waiting for a clear signal that there's a rejection from 113.62 to long USD.

Technical levels:

Resistance levels

R1: 113.74

R2: 113.81

R3: 113.91

Pivot Point

113.7

Support Levels

S1: 113.49

S2: 113.59

S3: 113.63

Trade Signal

Waiting for a clear long signal.

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.

Anjara

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Imelda Maseno

Analyst of «FreshForex» company

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