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Wait for a correction to 108.55

Wait for a correction to 108.55 | 15 February 2018

15 February 2018, USD/JPY

Wait for a correction to 108.55

Technical observation

Recently, the pair on the daily chart above bro below a key support line108.55 and went down. Currently price is still rallying below it towards the key line 105.78.I expect a possible rejection of it at the line and a correction of price to the just broken support line 108.55 and a decline in price towards 105.78 or even lower to 102.69.If price does not get corrected from 105.78 and instead breaks down below it then I would advise you wait for a pull back to it before sell USD with your take profit at 102.69.Right now wait for a retracement to 108.55.

Technical levels

Resistance levels

R1.109.39

R2.109.99

R3.111.25

Pivot

108.80

Support levels

S1.108.13

S2.107.45

S3.106.19

Trade signal

Wait for a retracement to 108.55 then sell USD with your take profit at 105.78 and stop loss at 109.77

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Imelda Maseno
Analyst of «FreshForex» company
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