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Wait for a retracement at the key zone (112.00-111.70)

Wait for a retracement at the key zone (112.00-111.70) | 09 January 2018

09 January 2018, USD/JPY

Wait for a retracement at the key zone (112.00-111.70)

Technical observation

On the previous days while on an upward trend, USD retraced thrice at a key zone( 112.00-111.70),price then broke below the zone but failed to be contained. It later broke above the zone and was contained, price again retraced to the zone three times and is currently rallying towards the zone. I expect the price to be rejected at the zone to continue long towards the key line 113.56 or even break the key line to continue further up. in case price breaks below the zone, I will wait for a retracement to the zone to confirm the price is on a downward trend then short USD towards 110.25.

Technical levels

Resistance levels

R1.113.3

R2.133.53

R3.113.97

Pivot

113.08

Support level

S1.112.85

S2.112.64

S3.112.2

Trade signal

Wait for a retracement to the key zone ( 112.00-111.70) then buy USD with your take profit at 113.56 and your stop loss slightly below 111.70

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Imelda Maseno
Analyst of «FreshForex» company
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