13 March 2018, USD/JPY
Technical observation
USD went below a support zone (108.04-107.77) before racing down to a key line105.52.Price was then corrected to the zone but could not penetrate above it and was rejected. Right now price is rallying below the zone and I expect a pullback to the zone and a rejection n of price to short USD towards 105.52.In case of a breakout 105.52, wait for a retracement to it to continue short with USD.Long positions can only be advised in case there’s a clear breakout above 108.04 with a big green candle and a retracement to it confirming price is now moving up. Right now, wait for a pullback to (108.04-107.77) to sell.
Technical levels
Resistance levels
R1.106.68
R2.106.92
R3.107.34
Pivot
106.5
Support levels
S1.106.26
S2.106.08
S3.105.55
Trade signal
Wait for a pull back to (108.04-107.77) to short USD with your take profit at 105.52 and stop loss around 108.64