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Short USD

Short USD | 28 March 2018

28 March 2018, USD/JPY

Technical observation

After breaking down below the key line105.71, USD is currently retracing to it and I expect a rejection of it for bearish movement of price towards 102.77 and a further decline in price towards 99.92 if price goes below 102.77.You can short USD now around the line with your take profit at 102.77 and stop loss around 106.28.If price is corrected to (108.06-107.79) and does not penetrate above it instead gets rejected, you can still short USD from the zone. As long as price remains below the (108.06-107.79), only short positions can be advised towards 99.92.The key lines to look for are;102.77 and 99.92.

Technical levels

Resistance levels

R1.105.13

R2.105.52

R3.106.15

Pivot

104.89

Support levels

S1.104.49

S2.104.26

S3.103.63

Trade signal

Sell USD now with your take profit at 102.77 and stop loss around 106.28

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Imelda Maseno
Analyst of «FreshForex» company
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