Wait for a pullback to 105.52 | 27 March 2018

27 March 2018, USD/JPY

Wait for a pullback to 105.52

Technical observation

USDJPY broke down below a key line 105.52 and is currently rallying below it.I expect retracement to it and a rejection of price followed by bearish movement of price towards 102.77,in case price breaks below it too, i expect a further decline in price towards the lower key line 99.92.you can also sell USD within the resistance zone (108.06-107.79) in case price is corrected to it and is rejected within or around it.In case of a breach above the zone with a big green candle, wait for a correction of price to the zone before you enter long position towards 111.18.Right now wait for correction to 105.52 to sell USD.

Technical levels

Resistance levels

R1.105.13

R2.105.52

R3.106.15

Pivot

104.89

Support levels

S1.104.49

S2.104.26

S3.103.63

Trade signal

Wait for a correction to 105.52 to sell USD with your take profit at 102.77 and stop loss around 106.07

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Imelda Maseno
Analyst of «FreshForex» company
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