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short around (108.06-107.78)

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.

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Imelda Maseno
Analyst of «FreshForex» company
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