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USD could fall further towards 109.71

USD could fall further towards 109.71 | 23 May 2017

23 May 2017, USD/JPY

USD could fall further towards 109.71
Technical Observation
USD is currently rallying below a significant resistance line 111.60, unless there's a clear bullish breach above this resistance with a big green candle, I expect an opposite move to the lower side towards 109.71. On the 4 Hour chart above, sell positions seems more ideal while buy positions could be risky especially below 111.60. My advice, if you went short around 111.60, leave this positions open towards 109.71.
Technical levels:
Resistance levels
R1: 113.34
R2: 115.41
R3: 119.02
Pivot Point
111.79
Support Levels
S1: 104.55
S2: 108.17
S3: 109.72
Trade Signal
Short USD towards 109.71

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Imelda Maseno
Analyst of «FreshForex» company
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