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Wait for a breakout below 105.52

Wait for a breakout below 105.52 | 15 March 2018

15 March 2018, USD/JPY

Wait for a breakout below 105.52

Technical observation

USD failed to pull back to the zone (108.06-107.78) as predicted yesterday, instead, it is rallying towards the key line 105.52 and I expect a breakout below it and a further decline In price towards the lower support line 102.85 or even lower to 100.07 if price breaks below 102.85 , my advice, wait for a break out below 105.52 and a correction to it to the continue short with USD with your first take profit at 102.85 and the next at 100.07 and your stop loss around 106.48.If there’s a clear break out above 108.06,wait for a correction to it before you buy USD.The key lines to look for on this chart are;105.52,102.85 and 100.07.

Technical levels

Resistance levels

R1.106.68

R2.106.92

R3.107.34

Pivot

106.9

Support levels

S1.106.26

S2.106.08

S3.105.55

Trade signal

Wait for a break out below 105.25 to short USD with your take profit at 102.85 and stop loss around 106.48.

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Imelda Maseno
Analyst of «FreshForex» company
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