USDJPY technical analysis: Possible breakout of channel resistance |4th May 2017
First critical Resistance: 112.70 (Channel resistance)
Second critical Resistance: 115.42 (High of 10th March 2017)
First critical Support: 108.23
Second Critical Support: 105.40
Overall Sentiment: Bullish Δ
The USDJPY pair rallied higher towards the channel resistance level and we have booked 75 percent of our profit and moved our stop-loss to the breakeven as per our previous technical analysis on USDJPY pair published on 23 April 2017. Currently, the pair seems to breach the channel resistance level at 112.70 and it’s most likely to head towards the second critical resistance level at 115.42
USDJPY daily technical analysis (Live trade in place)
Though the overall sentiment for this pair still remains bullish but due to the uncertainty in the global market due to Mr. Trump administration the pair might rebound from this level and continue its bearish movement in the ascending channel. But a bearish retracement of the price from this level is highly unlikely as the FED is most likely to hike their interest rate in the upcoming FOMC meeting minutes.
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