Wait for a correction to 108.55 | 15 February 2018
15 February 2018, USD/JPY
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
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.
