22 February 2018, USD/JPY
Technical observation
The pair on the daily chart above broke below a key support zone(108.03-107.75) then proceeded down up to a key line 105.55,price then got rejected at the key line and was recently correcting to the zone. After days of rising, SD could not break above the zone and was rejected. I expect possible bearish movements of price towards 105.55 or even further lower to 102.44 if 105.55 gets broken below.my advice, short USD now with your take profit at 105.55 and stop loss around 109.77.Long positions will only be ideal if there’s a clear breach of price above (108.03-107.75) with a big green candle and a correction to the zone.
Technical levels
Resistance levels
R1.106.56
R2.106.86
R3.107.6
Pivot
106.16
Support levels
S1.105.85
S2.105.39
S3.104.65
Trade signal
Sell USDJPY now with your take profit at 105.55 and stop loss around 109.77.
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