29 May 2018, USD/JPY
Technical observation
The pair on the daily chart above is on a upward movement, price retraced at a support zone 109.04-108.76 before rallying up towards a resistance zone 111.06.Price could not penetrate above it and was rejected then retraced to the zone. I expect a rise in price towards 111.06 and a breakout above it for a further rise in price towards 114.03.I would advise you buy the pair within the zone with your target at 111.06 and your stop loss around 107.89.You can place a pending trade now or wait and buy within 109.04-108.76.Only sell if there’s a clear breakout below 108.76 with a big red candle and a correction to it.
Technical levels
Resistance levels
R1.109.62
R2.109.85
R3.110.32
Pivot
109.37
Support levels
S1.109.14
S2.108.89
S3.108.41
Trade signal
Long USD/JPY within 109.04-108.76 with your take profit at 111.06 and stop loss around 107.89.
101% Double the volume
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