20 Marzo 2018, USD/JPY
Technical observation
USD is rallying around a key line,105.52,I expect a breakout below it for a decline in price towards the lower line 102.85,in case of a breach below 102.85,I expect a further decline in price towards 100.07.In case price does not break below 105.52 and instead is pulled back to the zone (108.06-107.76)wait for a rejection within or around it to short USD.If there’s a clear breakout above(108.06-107.76) with a big green candle, wait for a correction to it to confirm bullish movement of price before you enter long positions. Right now remain flat and wait for a breakout below 105.52 or a retracement to (108.06-107.76) to sell USD.
Technical levels
Resistance levels
R1.106.34
R2.106.64
R3.107.27
Pivot
106.01
Support levels
S1.105.71
S2.105.38
S3.104.74
Trade signal
Remain flat and wait for a breakout below 105.52 or a retracement to (108.06-107.76) to sell USD.