Remain flat temporarily. | 04 Mei 2018

04 Mei 2018, USD/JPY

Remain flat temporarily.

Technical observation

The breakout seen on the chart above on 1st of May this year was a false one as it yesterday broke again below the resistance line109.43,I expect a rejection of price form it for bearish momentum towards the zone 107.68-107.30.You can remain flat temporarily and wait for the pull back to 109.43 then short USDJP with your ideal target at 107.68.If price breaks above 109.43 again ,wait for the second retracement it before you enter long positions just to be sure it is not a false breakout and long USD towards the resistance line 111.29.right now only short positions look ideal and can be advised towards 107.68.

Technical levels

Resistance levels

R1.109.41

R2.109.77

R3.110.36

Pivot

109.24

Support levels

S1.108.82

S2.108.59

S3. 108

Trade signal

Remain flat.

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Imelda Maseno
Analyst of «FreshForex» company
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