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Short USD/JPY within 111.21-111.02

Short USD/JPY within 111.21-111.02 | 21 Junio 2018

21 Junio 2018, USD/JPY

Technical observation

USD/JPY retraced a t a resistance zone111.21-111.02 twice before rallying down. Currently, price is correcting to the zone and I expect a rejection of it within the zone for possible bearish momentum towards 107.80.I would advise you wait for the correction to 111.21-111.02 and a rejection of price within it to short the pair with your ideal target at 107.80 and stop loss slightly above 111.21.In case there’s a clear breach above111.21-111.02,wait for a correction to the zone to ensure it is not a false a breakout before you enter long positions towards 113.63.Right now wait for a correction to 111.21-111.02 to short USD.

Technical levels

Resistance levels

R1.110.65

R2.110.76

R3.111

Pivot

110.51

Support levels

S1.110.41

S2.110.27

S3.110.03

Trade signal

Short USD/JPY within 111.21-111.02 with your take profit at 107.80 and stop loss slightly above 111.21.

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Imelda Maseno
Analyst of «FreshForex» company
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