short around (108.06-107.78) | 14 March 2018
14 March 2018, USD/JPY
Technical observation
USD broke below a support zone (108.06-107.78) and is currently trading below it,USD has corrected back to the zone twice and is currently pulling back towards it.I expect a rejection of it within the zone for a decline in price towards the key line 105.52.In case of a break out below 105.52 I expect a further deline in price towards 100.61,I would advise you wait for a correction to the zone then short USD within it with your take profit at 105.52 and stop loss around 108.64.Long positions can only be advised in case there’s a clear breakout above 108.06 with a big green candle and a retracement to it.
Technical levels
Resistance levels
R1.106.68
R2.106.92
R3.107.34
Pivot
106.7
Support levels
S1.106.26
S2.106.08
S3.105.55
Trade signal
Wait for a correction to (108.06-107.78) to short USD with your take profit at 105.52 and stop loss around 108.64.
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.
