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Short USD

Short USD | 29 March 2018

29 March 2018, USD/JPY

Short USD

Technical observation

While retracing to the resistance zone (108.06-107.79),USD got rejected at a resistance line 106.82 which previously price had corrected to and could not penetrate above it.Currently,price is rallying down and I expect a decline in price towards 102.77 and a breakout below it followed by a further decline in price towards the lower key line 99.92,you can sell USD now with your take profit at 102.77 and stop loss around 107.79.In case there’s a clear breach of price above (108.06-107.79) with a big green candle, wait for a correction to it confirm bullish movement of price before you enter long position.

Technical levels

Resistance levels

R1.105.13

R2.105.52

R3.106.15

Pivot

104.91

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 107.79.

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Imelda Maseno
Analyst of «FreshForex» company
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