02 февраля 2018, USD/JPY
Technical observation
The pair on the daily chart above retraced at a support line 108.29 while on an upward trend, recently price was corrected at the line and is currently rising towards a key resistance zone as indicated by the blue rectangle, I expect a possible rejection of USD at the zone to resell the pair with my take profit at 108.29 and stop loss at 111.88,If there’s a clear breakout above the zone I’ll wait for a correction to it then buy USD with my take profit at 1114.46 because I expect a possible bullish momentum of the price towards 114.46 and above it.Right now my advice, remain flat and wait for a retracement to short USD.
Technical levels
Resistance levels
R1.109.39
R2.110.15
R3.111.46
Pivot
108.86
Support levels
S1.108.08
S2.107.52
S3.106.21
Trade signal
Remain flat.
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