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Short USD

Short USD | 06 April 2018

06 April 2018, USD/JPY

Short USD

Technical observation

USDJPY retraced at a resistance zone (107.68-107.33) yesterday and was rejected , currently it is showing signs of bearish movements towards 104.68 or even a breakout below it for a further decline in price towards the lower key line 100.14,I would advise you short USD now with your first take profit at 104.68 and the next at 100.4 if there’s a break below 104.68,and your stop loss around 108.74.If price breaks above (107.68-107.33) with big green candle, wait for a correction to it to confirm price is on a bullish move before you enter a trade towards 109.91.Right now only short positions can be advised.

Technical levels

Resistance levels

R1.107.4

R2.108

R3.109.58

Pivot

106.47

Support levels

S1.105.81

S2.104.83

S3.103.25

Trade signal

Short USD now with your take profit at 104.68 and stop loss around 108.74.

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Imelda Maseno
Analyst of «FreshForex» company
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