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17.05.201811:39 Forex Analysis & Reviews: USD/JPY analysis for May 17, 2018

Long-term review

Exchange Rates 17.05.2018 analysis

Recently, the USD/JPY pair has been trading upwards. As I expected, the price tested the level of 110.75. According to the H1 time – frame, I found broken bullish flag in the background, which is sign that buyers are in control. I also found rising MACD histogram, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward target is set at the price of 111.40.

Resistance levels:

R1: 110.50

R2: 110.64

R3: 110.87

Support levels:

S1: 110.13

S2: 109.91

S3: 109.75

Trading recommendations for today: watch for potential buying opportunities.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Petar Jacimovic,
Analytical expert of InstaForex
© 2007-2022
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