Short USD from 112.78 towards 112.14 | 16 May 2017
16 May 2017, USD/JPY
Technical Observation
USD is currently trading below it's daily pivot line 113.59. Unless there's a clear bullish breach above this pivot line, a bearish move towards 112.14 is expected. On the 4 Hour chart above, 113.78 is a key sell line and any second retracement to this line will attract sell orders with a target fixed at 112.14. A breakout above this line will mean waiting for pullbacks to the just broken line to rebuy USD. My advice, unless there's a breach above 113.78, expect a move towards 112.14
Technical levels:
Resistance levels
R1: 113.91R2: 114.18
R3: 114.78
Pivot Point
113.59
Support Levels
S1: 112.39S2: 112.99
S3: 113.32
Trade Signal
Short USD from 112.78 towards 112.14
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.
