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Remain flat temporarily.

Remain flat temporarily. | 02 April 2018

02 April 2018, USD/JPY

Remain flat temporarily.

Technical observation

On the weekly chart above,USDJPY,broke down below a key support zone (107.98-107.08) it then went down before retracing to the zone twice. Currently price is pulling back to the zone and I expect a rejection of it within or around the zone for bullish movement of price towards the lower key line 100.14.i would advise you remain flat temporarily and wait for a complete correction to the zone before you sell USD with your take profit at 100.14 and stop loss around 109.91.In case of a breakout above (107.98-107.08) wait for a correction to the zone before you enter long positions towards the line 114.73.

Technical levels

Resistance levels

R1.107.33

R2.108.37

R3.110.76

Pivot

105.98

Support levels

S1.104.94

S2.103.58

S3.101.19

Trade signal

Remain flat.

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Imelda Maseno
Analyst of «FreshForex» company
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