Remain flat | 09 March 2018

09 March 2018, USD/JPY

Remain flat

Technical observation

On the daily chart above,USDJPY has been trading below a key resistance zone (108.14-107.79).Right now, price is rallying below towards it and I expect a rejection of it within or around the zone to sell USD with my take profit at 105.20 and stop loss around 108.63.In case of a breach below 105.20,wait for a retracement to it before you continue short with USD towards the lower key line 100.20.If there’s a clear break out above (108.14-107.79),wait for a pullback to it before you enter long positions towards 114.43.Right now I would advise you remain flat temporarily and wait for a pullback to the zone.

Technical levels

Resistance levels

R1.106.52

R2.106.83

R3.107.72

Pivot

105.95

Support levels

S1.105.62

S2.105.04

S3.104.15

Trade signal

Wait for a correction to (108.14-107.79) to short USD with your take profit at 105.20 and stop loss around 108.63.

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Imelda Maseno
Analyst of «FreshForex» company
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