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Watch for sell opportunities

Watch for sell opportunities | 18 April 2017

18 April 2017, USD/JPY

Technical Observation:

Recently, we witnessed a second retest of the retracement level 109.12. From the 4 hour chart, this was the best place to short the USDJPY towards 108.0. However, if the price can breakout above this retracement level, then we'll be waiting for a retest of the just broken line to buy. This long position should be short lived since the overall trend is bearish from the daily chart. As long as the line 109.12 is not surpassed. look for further drop to 108.26 or even lower to 106.67.

Technical levels:

Resistance levels

R1: 109.32

R2: 109.63

R3110.4

Pivot Point

108.79

Support Levels

S1: 107.11
S2:107.95
S3: 108.48
Trade Signal
Watch for sell opportunities.

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Imelda Maseno
Analyst of «FreshForex» company
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