23 Mei 2018, USD/JPY
Technical observation
Yesterday USD/JYP could not penetrate above a resistance line 111.17 and was rejected then went down, that was a perfect trade for short term traders and if you sold the pair yesterday at 117.17, I would advise you remain in the trade towards 109.04,if you had not, remain flat and wait for either a correction to the support line 109.04 to buy USD/JPY or a breakout above 111.17 followed by a correction to it to buy USD towards 113.47.I expect arise in price in the coming days towards 113.47 and a breakout above it and so short positions can only be advisable to short term traders towards 109.04.
Technical levels
Resistance levels
R1.111.02
R2.111.29
R3.111.76
Pivot
110.82
Support levels
S1.110.54
S2.110.34
S3.109.86
Trade signal
Remain flat.