Short USD towards 112.14 | 17 May 2017
17 May 2017, USD/JPY
Technical Observation:
After a breakout below 113.78, USD retraced back to the just broken line thus giving me an opportunity to short USD towards 112.14. On the 4 Hour chart above, I still expect a rally towards 112.14 and a possible breakout below. In case of a breakout, it's better to wait for a pullback to the just broken line to re-sell towards 111.17. My advice, if you sent short at 113.78, leave this position open with SL above 113.90 and TP fixed at 112.14.
Technical levels:
Resistance levels
R2: 114.06
R3: 114.87
Pivot Point
113.26
Support Levels
S1: 111.64S2: 112.45
S3: 112.78
Trade Signal
Short USD 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.
