Wait for a correction to (108.14-107.79) | 08 March 2018
08 March 2018, USD/JPY
Technical observation
USDJPY broke below a support zone (108.14-107.79) with a big red candle then raced down towards a key line,105.20,it was then pulled back to the broken zone but could not break above it and was rejected then declined again towards 105.20,currently,price is rallying below the zone and i expect a correction to the zone to short the pair with my take profit at 105.20 and stop loss around 108.90,if price does not get corrected to (108.14-107.79) and instead breaks below 105.20,wait for a correction to it before you sell USD.In case of a breakout above 108.14,wait for a retracement to buy USD.
Technical levels
Resistance levels
R1.106.52
R2.106.83
R3.107.72
Pivot
105.93
Support levels
S1.105.62
S2.105.04
S3.104.15
Trade signal
Sell USD after a correction to (108.14-107.79) with your take profit at 105.20 and stop loss around 108.90.
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.
