Remain flat | 22 January 2018
22 January 2018, USD/JPY
Technical observation
While on a downward trend,USD retraced at a resistance zone (108.02-107.18) then broke above it and rose steadily towards the resistance line 117.99 before it eventually dropped back to the resistance zone and retraced to it thrice but failed to reach the line 117.99 because price got contained at a resistance line 111.99 as indicated with the dotted line on the chart above .Currently price is rallying towards 111.99 and I expect a breakout at it to 117.99 and another breakout at the line 117.99 to buy USD after a retracement to the line with my take profit at 125.62 and stop loss slightly below 117.99.
Technical levels
Resistance levels
R1.111.48
R2.112.13
R3.113.42
Pivot
110.84
Support levels
S1.110.19
S2.109.54
S3.108.25
Trade signal
Remain flat
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.
