Short USD | 12 January 2018
12 January 2018, USD/JPY
Technical observation
On the past few days on the daily chart above, price retraced at a key support zone (112.11-111.81)twice then broke below it but failed to be contained, it then broke above it and was contained with three retracements to it.Recently price broke below the zone with a big red candle and is currently rallying towards it, I expect a bounce from it to pick short position towards 110.21 or even lower. Should the price break below it then ill wait for a pullback to the just broken line to short USD towards 107.79.the key lines to look for are 110.21 and 107.79
Technical levels
Resistance levels
R1.111.74
R2.112.23
R3.113.06
Pivot
111.40
Support levels
S1.110.91
S2.110.56
S3.109.72
Trade signal
Sell USD within the zone(112.11 -111.81) with your take profit at 110.21 and stop loss above 112.11.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
