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Short USD

Short USD | 05 April 2018

05 April 2018, USD/JPY

Short USD

Technical observation

USDJPY, retraced perfectly to the key zone (107.07-106.81),I expect a rejection of it within or around the zone for bearish momentum towards the key line 104.68,I also expect a breakout below 104.68 for further decline in price towards 100.14,you can short USD now with your take profit at 104.68 and stop loss around 107.95.If breaks above the zone with a big green candle, wait for a correction to it to confirm bullish movement of price before you enter long position towards the key line 109.91,if price breaks above 109.91,wait for a correction and rejection of price within or around it then continue long with the pair.

Technical levels

Resistance levels

R1.107.4

R2.108

R3.109.58

Pivot

106.45

Support levels

S1.105.81

S2.104.83

S3.103.25

Trade signal

Short USD with your take profit at 104.68 and stop loss at 107.95.

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Imelda Maseno
Analyst of «FreshForex» company
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