USD/JPY key levels, will we see break over 111.568?

10.04.2017 / 10:08

Rating:

Key levels for USD/JPY.

Middle-term movemenet is short, the price has reached serious levels of horizontal resistance at 111.568. At these levels of the price, which are below the resistance are only suitable for short positions in the direction of the middle-term short.

DoJi at resistane: price action signal - possible decrease.

Break of the diagonal resistance and double bottom at 110.139 - bullish formation, but still we do not have break over 111.568. In this situation short is more likely, and we can see test of the break of the diagonal around 111.00.

Moving of the price over 111.568 , will increase the probability for new bullish impulse. Long position only after break of level 111.568 or after test ot 111.00 or 110.139.

Indicators are shoing that the short-term sentiment is long.

All this shows that the price is in a crossroad. Middle-term movement is short, the price is at resistance , pin bar for decrease. BUT broken diagonal resistance and double bottom. Probably the consolidation will continue until there is break over 111.568 or below 111.00.

Stefan D.Angelov - Head of Stocks Trading

Varchev Traders

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USD/JPY key levels, will we see break over 111.568?

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