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Short USD now

Short USD now | 26 February 2018

26 February 2018, USD/JPY

Technical observation

USDJPY retraced to a support zone (108.53-107.75) when the price was moving up. Recently however, price broke below the support zone with a big red candle then went down, last week, price pulled back to the broken zone but could not penetrate above it and got rejected around the zone. I expect possible bearish movements of price towards 104.73 and even a break out below it for a further decline in price towards 100.20, my advice, sell USDJPY now with your take profit at 104.73 and stop loss around 110.37.In case there’s a clear breach of price above (108.53-107.75), wait for a correction to the zone before you enter long positions.

Technical levels

Resistance levels

R1.107.83

R2.108.77

R3.110.59

Pivot

106.96

Support levels

S1.106.02

S2.105.15

S3103.34

Trade signal

Short USD now with your take profit at 104.73 and stop loss around 10.37

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Imelda Maseno
Analyst of «FreshForex» company
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