11 Juli 2017, USD/JPY
Technical Observation
Recently Usd retraced back to the upper supportive trendline for the thirs time but failed breakout below. I went long following this pullback and is still holding holding onto this position. On both the hourly and daily charts, Usd is very bullish and long positions can be recommended towards 115.00. A break above 115.00 will push the price further up towards 118.00. This long positions is ideal both for intraday and day trader with a take profit at 118.00. My advice, if you went long on the third pullback towards the upper trendline, hold onto this position with a target at 118.00. Sell positions can only be recommended in case the upper trendline is broken to the lowerside.
Technical levels:
Resistance levels
R1: 114.27
R2: 114.33
R3: 114.49
Pivot
114.18
Support Levels
S1: 113.86
S2: 114.02
S3: 114.11
Trade Signal
Long Usd towards 118.00.