Looking to sell | 20 April 2018
20 April 2018, USD/JPY
Technical observation
On the daily chart above,USDJPY retraced at a key zone( 107.91-107.70) thrice before moving down, currently price is within the zone and I expect a rejection of it within it for a possible bearish move towards the key line 104.64,I would advise you wait for a close within the zone to sell USD with your take profit at 104.64 and stop loss around 108.66.In case of a breakout below 104.64,wait for a correction to it then continue short with USD.In case there’s a clear breach above the zone (107.91-107.70) with a big green candle, wait for a correction to the zone then long USD towards the key line 110.24.
Technical levels
Resistance levels
R1.107.52
R2.107.78
R3.108.39
Pivot
107.23
Support levels
S1.106.9
S2.106.55
S3.105.94
Trade signal
Wait for a close within or around (107.91-107.70) to sell USD towards 104.64.
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.
