Sell USD around(108.58-107.79) | 05 March 2018
05 March 2018, USD/JPY
Technical observation
The pair on the weekly chart above is trading on a downward trend. There was a clear breach of price below a support zone (108.58-107.79),it then declined up to a key line 105.20 before it was pulled back to the zone and got rejected. Right now it is correcting to the zone and I expect a rejection of it within or around the zone to short USD with my take profit at 105.20 and stop loss around 110.51.In case of a breakout above 108.58, wait for a correction to it before you enter long position with your target around 114.43,if price goes below 105.20,wait for a correction to it before you continue short.
Technical levels
Resistance levels
R1.107.2
R2.108.65
R3.110.08
Pivot
106.22
Support levels
S1.104.76
S2.103.79
S3.101.36
Trade signal
Sell USD around or within (108.58-107.790, with your take profit at 105.20 and stop loss around 110.51.
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.
