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Remain short

Remain short | 17 April 2018

17 April 2018, USD/JPY

Remain short

Technical observation

The general trend for the pair on the daily chart above is downward, price broke down below a key support zone (107.52-107.31) then retraced it four times before going down, recently price corrected to the zone and was rejected, if you sold USD then I would advise you remain in the trade with your take profit at 104.64 and stop loss around 108.27.If you had not sold USD, you can sell it with the same take profit and stop loss. If price breaks below 104.64 remain short towards the key line 99.81.Long positions can only be advised in case there’s a breakout above the zone and a correction to it.

Technical levels

Resistance levels

R1.107.52

R2.107.78

R3.108.39

Pivot

107.17

Support levels

S1.106.9

S2.106.55

S3.105.94

Trade signal

Remain short with USD.

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Imelda Maseno
Analyst of «FreshForex» company
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