26 February 2018, USD/JPY
Technical observation
USDJPY retraced to a support zone (108.53-107.75) when the price was moving up. Recently however, price broke below the support zone with a big red candle then went down, last week, price pulled back to the broken zone but could not penetrate above it and got rejected around the zone. I expect possible bearish movements of price towards 104.73 and even a break out below it for a further decline in price towards 100.20, my advice, sell USDJPY now with your take profit at 104.73 and stop loss around 110.37.In case there’s a clear breach of price above (108.53-107.75), wait for a correction to the zone before you enter long positions.
Technical levels
Resistance levels
R1.107.83
R2.108.77
R3.110.59
Pivot
106.96
Support levels
S1.106.02
S2.105.15
S3103.34
Trade signal
Short USD now with your take profit at 104.73 and stop loss around 10.37
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