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Wait for a pullback to sell USD

Wait for a pullback to sell USD | 10 April 2018

10 April 2018, USD/JPY

Wait for a pullback to sell USD

Technical observation

The pair on the daily chart above has been trading on a downward trend, price retraced at a key resistance zone (107.52-107.31) thrice before proceeding down. Currently price is correcting to the zone and I expect a rejection of it within or around the zone for a possible bearish move of price towards the key line 104.64.I also expect a possible breakout below the line for a further decline in price towards the lowest key line 99.81.If price breaks above the resistance zone (107.52-107.310 with a big green candle, wait for a correction to it before you enter long positions with USD towards the key line 110.11.

Technical levels

Resistance levels

R1.107.34

R2.107.75

R3.108.43

Pivot

107.06

Support levels

S1.106.65

S2.106.37

S3.105.68

Trade signal

Wait for a correction to the zone (107.52-107.31) to short USD with your take profit at 104.64 and stop loss around 108.19.

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Imelda Maseno
Analyst of «FreshForex» company
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