Wait for a correction to 106.54 | 16 February 2018
16 February 2018, USD/JPY
Technical observation
Recently there’s has been a massive decline in price of USD against the JPY, yesterday price broke below a key line 106.54 with a big red candle and is still going down, I expect a possible correction of price to 106.54 and a rejection of it at the line followed by decline in price. I would advise you wait for a correction and a rejection to 106.54 then short the pair with your take profit at 102.77 and stop loss at 107.20.If price gets breached below 102.77 then wait for a correction to it then short USD.Right now I can only recommend short positions as i expect price to continue short today and the next coming days.
Technical levels
Resistance levels
R1.109.39
R2.109.99
R3.111.25
Pivot
108.78
Support levels
S1.108.13
S2.107.45
S3.106.19
Trade signal
Wait for a correction and a rejection to 106.54 then short USDJPY with your take profit at 102.77 and stop loss at 107.20.
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.
