Waiting for a Buy Long Signal. | 12 Mei 2017

12 Mei 2017, USD/JPY

Waiting for a Buy Long Signal.

Technical Observation Recently, USD has made lower highs but is currently rallying just above a key support line 113.62. This support should protect any breakout below it, but if this is breached, then its better to wait for retracement to the just broken line to short USD towards 113.15. On the 4hour chart above, I expect a bounce from 113.62 to long USD towards 114.35. At the moment, I'm waiting for a clear signal that there's a rejection from 113.62 to long USD.
Technical levels:
Resistance levels
R1: 113.74
R2: 113.81
R3: 113.91
Pivot Point
113.7
Support Levels
S1: 113.49
S2: 113.59
S3: 113.63
Trade Signal
Waiting for a clear long signal.

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Imelda Maseno
Analyst of «FreshForex» company
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