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Wait for a breakout below 105.52

Wait for a breakout below 105.52 | 16 Marzo 2018

16 Marzo 2018, USD/JPY

Wait for a breakout below 105.52

Technical observation

On the chart above, USD is rallying towards a key line 105.52, Previously, USD retraced at a key zone (108.06-107.78), recently, price failed to pull back to the zone and is rallying towards 102.85,I expect a breakout below 105.52 and a correction to it followed but a decline in price towards 102.83,oeven lower to 100.07 if price breaks below it..If is pulled back to (108.06-107.78) you can short USD within or around and in case of a breakout above 108.06,wait for a correction to it to confirm bullish movement of price before you enter a long position towards the key line 114.33,Right now, wait for a breakout below 105.52.

Technical levels

Resistance levels

R1.106.68

R2.106.92

R3.107.34

Pivot

107.1

Support levels

S1.106.26

S2.106.08

S3.105.55

Trade signal

Wait for breakout below 105.52 to short USD with your take profit at 102.85 and stop loss around 106.48.

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Imelda Maseno
Analyst of «FreshForex» company
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