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Wait for a pullback sell

Wait for a pullback sell | 23 March 2018

23 March 2018, USD/JPY

Wait for a pullback sell

Technical observation

Yesterday, price broke down below the line 105.52 as I predicted earlier and I expect a decline in price towards 102.85 and a breakout below it followed by a further decline in price towards 100.07.Right now I’m waiting for a retracement to 105.52 to sell USD with my take profit at 102.85 and stop loss around 106.12,if price goes below 102.85,wait for a correction to it then continue short with USD.In case of a breakout above the resistance zone (108.06-107.78) with a big green candle, wait for a pullback to it confirming bullish movement of price before you enter long positions towards the key line 114.33.

Technical levels

Resistance levels

R1.106.34

R2.106.64

R3.107.27

Pivot

106.07

Support levels

S1.105.71

S2.105.38

S3.104.74

Trade signal

Wait for a correction to 105.52 to sell USD with your take profit at 102.85 and stop loss around 106.12.

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Imelda Maseno
Analyst of «FreshForex» company
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