Sell around (108.03-107.77) | 28 February 2018

28 February 2018, USD/JPY

Sell around (108.03-107.77)

Technical observation

The pair on the daily chart above broke below a support zone (108.03-107.77), price then declined up to a key line 105.55 but was corrected back to the zone then went down again, right now, price is rallying below the zone and I expect a pullback and a rejection of it within or around the zone to re sell the pair with my take profit at 105.55 and stop loss around 108.69.In case there’s a breakout below 105.55 wait for a correction before you continue short. If there’s a clear breach of price above the resistance zone, wait for a retracement to the zone before you buy USD with your ideal target at 110.37.

Technical levels

Resistance levels

R1.107.38

R2.108

R3.109.02

Pivot

107.01

Support levels

S1.106.36

S2.105.97

S3.104.95

Trade signal

Wait for a correction to(108.03-107.77), to re sell USDJPY with your take profit at 105.55 and stop loss around 108.69

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Imelda Maseno
Analyst of «FreshForex» company
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