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Sell USD now

16 April 2018, USD/JPY

Sell USD now

Technical observation

USDJPY broke below a key support zone (107.80-106.99) with a big red candle, price then retraced to the zone twice before moving down, currently it is within the zone and I don’t expect a breakout above the zone but a rejection of price for bearish movements of price towards the key line 104.64.My advice, sell USD now with your take profit at 104.64 and stop loss around 109.45.In case of a breakout below 104.64,wait for a correction to it then continue short with USD.you can only buy USD in case of a breakout above the zone (107.80-106.99) with a big green candle and a correction to it.

Technical levels

Resistance levels

R1.107.89

R2.108.42

R3.109.59

Pivot

107.25

Support levels

S1.106.72

S2.106.08

S3.104.92

Trade signal

Sell USD now.

FreshForex cancels commissions!

Imelda Maseno
Analyst of «FreshForex» company
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