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Wait for a correction to (107.52-107.31)

Wait for a correction to (107.52-107.31) | 12 Abril 2018

12 Abril 2018, USD/JPY

Wait for a correction to (107.52-107.31)

Technical observation

Yesterday, USD went down as predicted and is currently correcting towards the resistance zone (107.52-107.31),I expect a possible rejection of it within or around the zone for bearish movements of price towards the key line 104.64,I also expect possible breakout below it for a further decline in price.my advise, wait for a retracement to (107.52-107.31) to short USD with your take profit at 104.64 and stop loss around 108.19.If price goes above (107.52-107.31) with a big green candle, wait for a correction to it then buy USD.Right now only short positions look ideal and can be advised towards 104.64.

Technical levels

Resistance levels

R1.107.34

R2.107.75

R3.108.43

Pivot

107.10

Support levels

S1.106.65

S2.106.37

S3.105.68

Trade signal

Wait for a correction to (107.52-107.31) to buy USD with your take profit at 104.64 and stop loss around 108.19.

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Imelda Maseno
Analyst of «FreshForex» company
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