26 January 2018, USD/JPY
Technical observation
Previously on the daily chart above, USD broke a support zone (111.47-111.29) and retraced twice to it before continuing short up to a support line 110.22,it then broke below it and is currently pulling back towards it.I expect a rejection at it to continue short with the pair towards 107.79,if price breaks above 110.22 then I’ll wait for a correction at (111.47-111.29)then short USD,as long as price remains below this zone only short positions can be advised. If there’s a clear bullish breach above this zone then buy USD after a retracement to the zone with your take profit at 113.45.
Technical levels
Resistance levels
R1.111.21
R2.111.5
R3.112.07
Pivot
110.02
Support levels
S1.110.64
S2.110.37
S3.109.8
Trade signal
Sell USDJPY at 110.22 with your take profit at 107.79 and stop loss at 110.89.
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