11 Januari 2018, USD/JPY
Technical observation
On the 4H chart above,USD was contained above a key support zone (112.06-111.99) ,however on 10th of January this year price broke below the zone with a big red candle and is currently pulling back towards it, I expect a rejection of the price at it, as at now only short positions is ideal and can be advised within the zone towards 111.24 with first take profit and the next at 111.88,if these levels are hit then i expect a further bearish movement of the price.Incase price breaks above the zone then wait for a pullback to it before you enter long positions.
Technical levels
Resistance levels
R1.111.8
R2.111.91
R3.112.16
Pivot
111.65
Support levels
S1.111.54
S2.111.39
S3.111.14
Trade signal
Sell USDJPY within the zone (112.06-111.99) with your take profit at 111.24 and stop loss above 112.06
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