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