Wait for a pullback | 13 Marzo 2018

13 Marzo 2018, USD/JPY

Wait for a pullback

Technical observation

USD went below a support zone (108.04-107.77) before racing down to a key line105.52.Price was then corrected to the zone but could not penetrate above it and was rejected. Right now price is rallying below the zone and I expect a pullback to the zone and a rejection n of price to short USD towards 105.52.In case of a breakout 105.52, wait for a retracement to it to continue short with USD.Long positions can only be advised in case there’s a clear breakout above 108.04 with a big green candle and a retracement to it confirming price is now moving up. Right now, wait for a pullback to (108.04-107.77) to sell.

Technical levels

Resistance levels

R1.106.68

R2.106.92

R3.107.34

Pivot

106.5

Support levels

S1.106.26

S2.106.08

S3.105.55

Trade signal

Wait for a pull back to (108.04-107.77) to short USD with your take profit at 105.52 and stop loss around 108.64

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Imelda Maseno
Analyst of «FreshForex» company
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