Place A sell limit order at 109.17 | 19 April 2017
19 April 2017, USD/JPY
Technical Observation:
This is a strong bear market with a key sell area at 109.17. Unless this retracement level is clearly broken with a big green candle, I will be hesistant to long this pair. Instead, I have placed a pending sell limit around 109.17 just in case the price retrace to this level. On the daily chart, the long term trend is bearish, thus, in case of a bounce from 109.17, then I'll wait for a breach below the immediate trendline to confirm our previous short position towards 108.27.
Technical levels:
Resistance levels
R1: 109.33Pivot Point
108.79
Support Levels
S1: 107.11S3: 108.49
Trade Signal
Place a sell limit order at 109.17 with a target at 108.27
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.
