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Remain flat

Remain flat | 21 March 2018

21 March 2018, USD/JPY

Remain flat

Technical observation

USD is still rallying around a key daily resistance zone (108.06-107.78), I expect a decline in price towards the key line 105.52 and a breakout below it for a further decline in price towards the key line 102.85, or even lower to 100.07 if 192.85 is breached too. In case price retraces to the zone, wait for a rejection of it within or around the zone to short USD towards 105.52, In case there’s a clear breakout above the zone with a big green candle, wait for a pullback to the zone to confirm bullish movement of price before you enter long position towards the key line 114.33.Right now I would advise you remain flat.

Technical levels

Resistance levels

R1.106.34

R2.106.64

R3.107.27

Pivot

106.03

Support levels

S1.105.71

S2.105.38

S3.104.74

Trade signal

Remain flat and wait for a breakout below 105.52 or a retracement to (108.06-107.78) to sell USD.

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Imelda Maseno
Analyst of «FreshForex» company
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