Remain flat temporarily. | 04 Juni 2018

04 Juni 2018, USD/JPY

Remain flat temporarily.

Technical observation

While on an upward trend, USD/JPY retraced at support zone 109.24-108.51 four times before price broke below the zone. It was not contained below it and so price broke above the zone, recently it retraced to the zone but could not penetrate below it and so was rejected. Right now price is bullish and I expect a rise towards 114.03 and a breakout above it for a further rise in price towards 121.13.My advice, remain flat temporarily and long the pair within the zone with your take profit at 141.03 and stop loss around 106.74.In case or a breach above 141.03, wait for a retracement to it then continue long with USD.

Technical levels

Resistance levels

R1.110.21

R2.110.91

R3.112.66

Pivot

109.16

Support levels

S1.108.47

S2.107.42

S3.105.67

Trade signal

Remain flat temporarily.

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Imelda Maseno
Analyst of «FreshForex» company
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