Short USD | 09 April 2018

Technical observation

USDJPY broke down below a key support zone (107.69-107.02) with a big red candle, price then retraced to the zone twice making it a key resistance zone. Currently price is pulling back to the zone and is within it and I expect a rejection of it within the zone for a bearish momentum towards 100.56.You can short USD now with your take profit at 100.56 and stop loss at 109.40.If price breaks above (107.69-107.02) with a big green candle, wait for a correction to the zone then long USD towards the key line 114.73.Right now only short [positions look ideal and can be advise within or around the zone (107.69-107.02).

Technical levels

Resistance levels

R1.107.73

R2.108.53

R3.110.37

Pivot

106.7

Support levels

S1.105.9

S2.104.86

S3.103.02

Trade signal

Sell USD with your take profit at 100.56 and stop loss at 109.40.