Sell USD now | 16 April 2018
16 April 2018, USD/JPY
Technical observation
USDJPY broke below a key support zone (107.80-106.99) with a big red candle, price then retraced to the zone twice before moving down, currently it is within the zone and I don’t expect a breakout above the zone but a rejection of price for bearish movements of price towards the key line 104.64.My advice, sell USD now with your take profit at 104.64 and stop loss around 109.45.In case of a breakout below 104.64,wait for a correction to it then continue short with USD.you can only buy USD in case of a breakout above the zone (107.80-106.99) with a big green candle and a correction to it.
Technical levels
Resistance levels
R1.107.89
R2.108.42
R3.109.59
Pivot
107.25
Support levels
S1.106.72
S2.106.08
S3.104.92
Trade signal
Sell USD now.
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.
