Remain flat | 01 Mei 2018

01 Mei 2018, USD/JPY

Technical observation

After breaking up above a resistance zone 107.68-107.30, USD raced up towards a resistance line 111.29 but could not reach it and is currently showing signs of pulling back to the zone. I expect a rejection of it within or around the zone for a possible bullish momentum towards 111.29 and a breakout above it for a further increase in price. I would advise you remain flat right now and wait for the correction to 107.68-107.30 then buy USD on the second retracement to the zone with your take profit at 11.29 and stop loss around 106.62.Remain long after a breakout above the resistance line 111.29.

Technical levels

Resistance levels

R1.109.41

R2.109.77

R3.110.36

Pivot

109.18

Support levels

S1.108.82

S2.108.59

S3.108

Trade signal

Remain flat right now and wait for the correction to 107.68-107.30 to buy USDJPY.

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Imelda Maseno
Analyst of «FreshForex» company
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