Flat | 24 May 2017

24 May 2017, USD/JPY

Flat
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
R1:112.15
R2: 112.48
R3: 113.43
Pivot Point 111.53
Support Levels
S1: 109.62
S2: 110.58
S3: 111.19
Trade Signal Flat

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Imelda Maseno
Analyst of «FreshForex» company
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