Remain flat | 02 February 2018

02 February 2018, USD/JPY

Remain flat

Technical observation

The pair on the daily chart above retraced at a support line 108.29 while on an upward trend, recently price was corrected at the line and is currently rising towards a key resistance zone as indicated by the blue rectangle, I expect a possible rejection of USD at the zone to resell the pair with my take profit at 108.29 and stop loss at 111.88,If there’s a clear breakout above the zone I’ll wait for a correction to it then buy USD with my take profit at 1114.46 because I expect a possible bullish momentum of the price towards 114.46 and above it.Right now my advice, remain flat and wait for a retracement to short USD.

Technical levels

Resistance levels

R1.109.39

R2.110.15

R3.111.46

Pivot

108.86

Support levels

S1.108.08

S2.107.52

S3.106.21

Trade signal

Remain flat.

FreshForex cancels commissions!

Imelda Maseno
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Get bonus