USD/JPY Update: Nearing resistance

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15 MAY 2018

The uptrend of the past 6 weeks is nearing considerable resistance between 111.25 and 112. Here the multi-tested resistance line of 2015 coincides with weekly cloud resistance. Existing longs should be covered around this zone in order to await further developments. Trend dynamics are waning, so some sort of consolidation and/or profit taking is expected before a new major move is undertaken.

  • Near term trend: positive (late phase)
  • Long term trend: neutral
  • Outlook: recovery nearing resistance
  • Strategy: hold-long with trailing stops
  • Support: 109.20 / 108.95 / 107.65-
  • Resistance: 111.25 / 112 / 114.10+
  • Outlook cancelled/neutralized below 109.20

420-minute Intraday Chart 

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