Buy USDJPY around 107.54-107.34 | 27 April 2018
27 April 2018, USD/JPY
Technical observation
On the daily chart above,USDJPY after breaking above a resistance zone, it rose up steadily towards a key resistance line 110.17 but it got rejected before it could reached it and is currently retracing to the broken zone 107.54-107.34.I expect a rejection of it within or around the zone for possible bullish rally of price towards 110.17 and a breakout above it for a further rise in price towards the resistance line 111.31,price could continue to rise even further if it breaks above 111.31 too. Right now you can wait for a correction to the zone to buy USD after the second correction with your take profit at 110.17.
Technical levels
Resistance levels
R1.107.84
R2.108.04
R3.108.42
Pivot: 107.70
Support levels
S1.107.45
S2.107.27
S3.106.89
Trade signal
Buy USDJPY around 107.54-107.34 after the second retracement to it with your take profit at 111.31 and stop loss around 106.62.
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.
