Sell USD at 106.51 | 06 March 2018
06 March 2018, USD/JPY
Technical Observation:
On the 4 hour chart above, potential sellers can be seen around 106.51. While the price is still below this line, I'm still hesitant to enter any position, I choose to wait for rise towards 106.51, then pick a short position towards 105.15 or even lower. You could place a pending sell limit order at 106.51 stop loss above 106.80 and take profit at 105.15. On the way downwards, the key lines to look for include 105.75, 105.15 and 100.50. A break below these lines will push the price further downwards below 100.00.
Technical Levels
Resistance levels
R1: 106.52
R2: 106.83
R3: 107.72
Pivot
105.93
Support Levels
S1: 104.15
S2: 105.04
S3: 105.62
Trade Signal
Sell USD at 106.51 with take profit at 100.00
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.
