Long USD around 110.63 towards 111.86. | 19 June 2017

19 June 2017, USD/JPY

Long USD around 110.63 towards 111.86.

Technical Observation

As per the Friday's forecast, USD has just retraced for the first time to the just broken support line 110.63. Since this is the first retracement, I'll remain flat and wait for a second retracement to this level to long it towards 111.86. Unless 110.63 is clearly broken and confirmed, I expect a rejection from 110.63 to long USD towards 111.86. On the 4 Hour chart above, buy positions seems more ideal than the other. My advice, you could place a pending buy limit order around 110.63 with a stop loss slightly below 110.54.
Technical levels:
Resistance levels
R1: 110.27
R2: 110.64
R3: 111.33
Pivot Point
109.95
Support Levels
S1: 108.58
S2: 109.26
S3: 109.58
Trade Signal
Long USD around 110.63 towards 111.86.

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Imelda Maseno
Analyst of «FreshForex» company
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