04 Juni 2018, USD/JPY
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.
101% Double the volume