27 февраля 2018, USD/JPY
Technical observation
The pair on the daily chart above is trading on a downward trend.Recently,there was a clear breach of price below a key support zone (108.04-107.77).Price then went down up to a key line 105.57 with a long green tail when it was getting corrected to the zone. It pulled back to the zone but could not penetrate above it and got rejected within the zone, price then went down land is currently rallying back to the zone, I expect possible rejection of it within zone to resell USDJPY with my take profit at 105.57 and stop loss around 108.69.In case there’s a clear breakout above 108.04, wait for a correction to confirm bullish movement of price before you buy USD.
Technical levels
Resistance levels
R1.107.38
R2.108
R3.109.02
Pivot
106.99
Support levels
S1.106.36
S2.105.97
S3.104.95
Trade signal
Wait for a correction within (108.04-107.77), to re sell USDJPY with your take profit at 105.57 and stop loss around 108.69
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