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Wait for a correction to (108.14-107.79)

Wait for a correction to (108.14-107.79) | 08 March 2018

08 March 2018, USD/JPY

Technical observation

USDJPY broke below a support zone (108.14-107.79) with a big red candle then raced down towards a key line,105.20,it was then pulled back to the broken zone but could not break above it and was rejected then declined again towards 105.20,currently,price is rallying below the zone and i expect a correction to the zone to short the pair with my take profit at 105.20 and stop loss around 108.90,if price does not get corrected to (108.14-107.79) and instead breaks below 105.20,wait for a correction to it before you sell USD.In case of a breakout above 108.14,wait for a retracement to buy USD.

Technical levels

Resistance levels

R1.106.52

R2.106.83

R3.107.72

Pivot

105.93

Support levels

S1.105.62

S2.105.04

S3.104.15

Trade signal

Sell USD after a correction to (108.14-107.79) with your take profit at 105.20 and stop loss around 108.90.

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Imelda Maseno
Analyst of «FreshForex» company
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