19 January 2018, USD/JPY
Technical observation
Yesterday USD retraced at a key zone (111.47-111.29) and I currently approaching a support line 110.24, I expect a bounce from the line followed by a pull back to the zone to short USD towards 111.24.if price breaks below the line then ill wait for a retracement to it to continue short with USD towards 107.79 or even further lower if the line 107.79 is also broken. In case price goes above the zone then I’ll wait for retracement to it to confirm a bullish move before I buy USD towards 113.45.Currently only short positions can be advised. The key lines to look for on this chart are, 110.24, 107.9 and 113.45.
Technical levels
Resistance levels
R1.111.56
R2.111.83
R3.112.58
Pivot
111.10
Support levels
S1.110.81
S2.110.33
S3.109.58
Trade signal
Sell USD within (111.47-111.29) with your take profit at 11o.24 and stop loss slightly below 111.47