USD/JPY analysis for May 16, 2019

USD/JPY has been trading upside. The price tested the level of 109.94 The breakout of 3-balance is present. Watch for buying opportunities.

analytics5cdd7d081e589.jpg

According to the Daily time-frame, we found that there is the breakout of the 3-day balance, which is sign that buyers too control from sellers. We also found bullish divergence on the Stochastic oscillator and rejection of the lower Keltner band at 109.07. Watch for buying opportunities with targets at 110.55 and 11.92.

Downwards references are set:

Balance high – 109.83

Daily low – 109.30

Upward references are set:

20 EMA – 110.56

Swing low acting like resistance – 110.92

The material has been provided by InstaForex Company - www.instaforex.com