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Wait for a correction to (107.98-107.02)

Wait for a correction to (107.98-107.02) | 26 March 2018

26 March 2018, USD/JPY

Wait for a correction to (107.98-107.02)

Technical observation

USDJPY broke down below a key support zone (107.98-107.02) while on a downward trend, price was then corrected to the zone twice before rallying down. Currently it is correcting to the zone and I expect a rejection of it within or around the zone for bearish movement of price toward the key line 100.30..I would advise you wait for a correction and a rejection of USD within or around (107.98-107.020 to short USD with your take profit at 100.30 and stop loss around 110.23.If price breaks below 100.30, wait for a correction to it then continue long with USD towards the next key line 93.97.

Technical levels

Resistance levels

R1.106.04

R2.107.35

R3.109.36

Pivot

105.34

Support levels

S1.104.03

S2.103.32

S3.101.31

Trade signal

Wait for a correction to (107.98-107.02) to sell USD with your take profit at 100.03 and stop loss around 110.23.

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Imelda Maseno
Analyst of «FreshForex» company
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