Buy USDJPY | 10 Januari 2018

10 Januari 2018, USD/JPY

Technical observation

Previously on the daily chart above USD traded on an upward trend against JPY,Price retraced thrice at a key zone (112.06-111.70)then broke below it with a big red candle but failed to be contained below the zone, it then broke above the it and got contained with three retracements to the zone, currently price is rallying towards it and I expect a rejection at it.if you have not entered a trade you can buy USD now or wait for a retracement to the zone to buy USD with your take profit at 113.56 and stop loss slightly below 111.74,Incase price breaks below the zone,wait for a retracement to it before you short USD.

Technical levels

Resistance levels

R1.112.33

R2.112.38

R3.112.47

Pivot

112.30

Support levels

S1.112.24

S2.112.19

S3.112.09

Trade signal

You can buy USD now or wait for a retracement to the zone (112.06-111.70)and buy within it your take profit at 113.56 and stop loss slightly below 111.74

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Imelda Maseno
Analyst of «FreshForex» company
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