Remain flat | 12 June 2018

Technical observation

After breaking below a support zone 111.56-111.27,USD/JPY corrected to it then rallied down up to a support 107.34, it broke below it then retraced to it severally before breaking above it, price then rallied up to the resistance zone 111.56-111.27 but could not break above it, was rejected then went down and is currently pulling back to the zone for the third time. I expect a rejection of it within the zone for possible bearish momentum towards 107.34. My advice, remain flat and wait for the correction to 111.56-111.27 the short the pair within the zone with your take profit at 107.34 and stop loss around 112.26.

Technical levels

Resistance levels

R1.109.78

R2.110.02

R3.110.56

Pivot

109.49

Support levels

S1.109.24

S2.108.95

S3.108.42

Trade signal

Remain flat.

101% Double the volume