18 января 2018, USD/JPY
Technical observation
Previously while on an upward trend, USD traded above a key support zone (111.70-111.46)price retraced to the zone twice then broke below it on 22.11.2017 with a big red candle but was not contained resulting to another break out above the zone, it then traded above it before breaking below the zone again on 10th of January this year, currently price is rallying towards the zone and I expect a strong rejection at it to short USD with my take profit at 110.23 and even further below towards 107.79 if price breaks below the line 110.23,the key lines to look for on this chart include 110.23 and 107.79.
Technical levels
Resistance levels
R1.111.56
R2.111.83
R3.112.58
Pivot
111.09
Support levels
S1.110.81
S2.110.33
S3.109.58
Trade signal
Sell USD within (111.70-111.46) with your take profit at 110.23 and stop loss slightly above111.70
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