Waiting for a pullback towards 110.63 to long USD | 16 June 2017
16 June 2017, USD/JPY
Technical Observation
Recently, there was a clear breakout when USD rose above the resistance line 110.63. This is a sign that bulls could be encroaching this market; although I expect an upward move, its safe to wait for a retracement to the just broken resistance line to long USD. On the 4 hour chart above, buy positions seems ideal but only after retracements to the just broken line. My advice, wait for a pullback towards 110.63 to long USD towards 112.02
Technical levels:
Resistance levels
R1: 111.27R2: 111.41
R3: 111.69
Pivot Point
111.14
Support Levels
S1: 110.59S2: 110.87
S3: 111.00
Trade Signal
Wait for a pullback towards 110.63 then long USD towards 112.02
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.
