Flat | 24 May 2017
24 May 2017, USD/JPY
Technical Observation:
Recently, USD rose above the resistance line 111.60 thereby taking out my SL. Unless there's a clear bearish breach below this line, I expect a move to the upper side. In the meantime, I'm waiting for a clear breakout confirmation pattern to confirm that buyers are now in full control and that no more sellers are available. On the 4 Hour chart above, long positions seems more ideal but a confirmation that the break above 111.60is genuine is worth waiting for.
Technical levels: Resistance levels
R2: 112.48
R3: 113.43
Pivot Point 111.53
Support Levels
S1: 109.62S2: 110.58
S3: 111.19
Trade Signal Flat
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.
