You could wait and rebuy USD around 111.38 | 02 June 2017
02 June 2017, USD/JPY
Technical Observation
Recently, USD breached the resistance line 111.38 and is still rallying above. I expected an immediate retracement to the just broken line but instead, USD rose even higher and even broke above another short term resistance line 111.57, Unless this short term resistance is broken, I expect a move upwards. If the line 111.57 is breached, then I expect 111.38 to hold, therefore I'll put a pending buy limit here, just incase the price retrace back to it. Technical levels:
Resistance levels
R1: 111.59R2: 111.82
R3: 112.39
Pivot Point
111.26
Support Levels
S1: 110.12S2: 110.69
S3: 111.03
Trade Signal
Put a pending buy limit around 111.38.
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.
