MG Network

something big isHappening!

In the mean time you can connect with us with via:

Copyright © Money Grows Network | Theme By Gooyaabi Templates

Money Grows Network

Archive

Powered by Blogger.

Welcome To Money Grows Network

Verified By

2006 - 2019 © www.moneygrows.net

Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

Popular

Pages

Expert In

Name*


Message*

Technical analysis of USD/JPY for May 3, 2017

USDJPYM30.png

USD/JPY is expected to trade with bullish bias above 111.75. Although the pair retreated from 112.30 (the high of May 2), the pair is still trading above the key support at 111.75, which should limit the downside potential. Even though further consolidation cannot be ruled out, its extent is likely to be limited.

To conclude, above 111.75, look for a further rise to 112.30. A break above this level would trigger a new upside to 112.55.

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 112.30 and the second one at 112.55. In the alternative scenario, short positions are recommended with the first target at 111.55 if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 111.20. The pivot point lies at 111.75.

Resistance levels: 112.30, 112.55, and 112.85

Support levels: 111.55, 111.20, and 111.00

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