Short USD | 06 April 2018
06 April 2018, USD/JPY
Technical observation
USDJPY retraced at a resistance zone (107.68-107.33) yesterday and was rejected , currently it is showing signs of bearish movements towards 104.68 or even a breakout below it for a further decline in price towards the lower key line 100.14,I would advise you short USD now with your first take profit at 104.68 and the next at 100.4 if there’s a break below 104.68,and your stop loss around 108.74.If price breaks above (107.68-107.33) with big green candle, wait for a correction to it to confirm price is on a bullish move before you enter a trade towards 109.91.Right now only short positions can be advised.
Technical levels
Resistance levels
R1.107.4
R2.108
R3.109.58
Pivot
106.47
Support levels
S1.105.81
S2.104.83
S3.103.25
Trade signal
Short USD now with your take profit at 104.68 and stop loss around 108.74.
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.
