USD could fall further towards 109.71 | 23 May 2017

23 May 2017, USD/JPY

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

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

Facebook

Twitter

Imelda Maseno

Analyst of «FreshForex» company

FreshForex is a brand with a 20-year history, providing access to online trading for clients from 158 countries worldwide.
The company’s services are intended for adult users. If the use of these services violates local laws, you must immediately leave the website. The company does not provide services in the following countries.
Risk Warning: Trading financial instruments with leverage involves significant risks and may result in both profits and losses. Potential losses are limited to the amount of funds deposited. Before deciding to trade, clients should assess their risk tolerance, experience level, and knowledge.
We use cookies to improve your experience on our website.