Resell USDJPY at (109.51-109.40) | 31 January 2018

Technical observation

Yesterday the pair USD JPY declined towards 108.55 and is currently rising towards a resistance zone (109.51-109.40),I expect a rejection of price at the zone to resell USDJPY with my take profit at 108.15 and stop loss at 109.75.If there’s a clear breakout above the resistance zone then I’ll wait for a retracement to the zone to confirm a bullish movement of price before I enter long position with my take profit at 111.29.As long as zone (109.51-109.40),protects the lower side I still expect a decline in price and I can only advise for short positions within the zone .

Technical levels

Resistance levels

R1.108.79

R2.108.85

R3.108.99

Pivot

108.74

Support levels

S1.108.65

S2.108.58

S3.108.45

Trade signal

Resell USDJPY after retracement to (109.51-109.40) with your take profit at 108.15 and stop loss at 109.75