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Sell USD around(108.58-107.79)

Sell USD around(108.58-107.79) | 05 March 2018

05 March 2018, USD/JPY

Sell USD around(108.58-107.79)

Technical observation

The pair on the weekly chart above is trading on a downward trend. There was a clear breach of price below a support zone (108.58-107.79),it then declined up to a key line 105.20 before it was pulled back to the zone and got rejected. Right now it is correcting to the zone and I expect a rejection of it within or around the zone to short USD with my take profit at 105.20 and stop loss around 110.51.In case of a breakout above 108.58, wait for a correction to it before you enter long position with your target around 114.43,if price goes below 105.20,wait for a correction to it before you continue short.

Technical levels

Resistance levels

R1.107.2

R2.108.65

R3.110.08

Pivot

106.22

Support levels

S1.104.76

S2.103.79

S3.101.36

Trade signal

Sell USD around or within (108.58-107.790, with your take profit at 105.20 and stop loss around 110.51.

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Imelda Maseno
Analyst of «FreshForex» company
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