Short USD | 12 Januari 2018

12 Januari 2018, USD/JPY

Short USD

Technical observation

On the past few days on the daily chart above, price retraced at a key support zone (112.11-111.81)twice then broke below it but failed to be contained, it then broke above it and was contained with three retracements to it.Recently price broke below the zone with a big red candle and is currently rallying towards it, I expect a bounce from it to pick short position towards 110.21 or even lower. Should the price break below it then ill wait for a pullback to the just broken line to short USD towards 107.79.the key lines to look for are 110.21 and 107.79

Technical levels

Resistance levels

R1.111.74

R2.112.23

R3.113.06

Pivot

111.40

Support levels

S1.110.91

S2.110.56

S3.109.72

Trade signal

Sell USD within the zone(112.11 -111.81) with your take profit at 110.21 and stop loss above 112.11.

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Imelda Maseno
Analyst of «FreshForex» company
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