Remain flat temporarily. | 02 April 2018
02 April 2018, USD/JPY
Technical observation
On the weekly chart above,USDJPY,broke down below a key support zone (107.98-107.08) it then went down before retracing to the zone twice. Currently price is pulling back to the zone and I expect a rejection of it within or around the zone for bullish movement of price towards the lower key line 100.14.i would advise you remain flat temporarily and wait for a complete correction to the zone before you sell USD with your take profit at 100.14 and stop loss around 109.91.In case of a breakout above (107.98-107.08) wait for a correction to the zone before you enter long positions towards the line 114.73.
Technical levels
Resistance levels
R1.107.33
R2.108.37
R3.110.76
Pivot
105.98
Support levels
S1.104.94
S2.103.58
S3.101.19
Trade signal
Remain flat.
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.
