Short USD | 11 Januari 2018

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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Imelda Maseno
Analyst of «FreshForex» company
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