23 Januari 2018, USD/JPY
Technical observation
Around 8th of January this year USD dropped massively and broke below a key support zone (111.53-111.29),since then, price has remained below this zone and is showing signs of continuing even lower. On the daily chart above ,we expect price to pullback to (111.53-111.29) and a possible rebound from this zone to short USD.My advice is sell this pair on a rebound from (111.53-111.29) with an ultimate target at 109.54 and the next at 107.79.If price breaks above (111.53-111.29),we expect a rise to 113.57.Right now only short position is ideal within (111.53-111.29).
Technical levels
Resistance levels
R1.111.21
R2.111.5
R3.112.07
Pivot
110.99
Support levels
S1.110.64
S2.110.37
S3.109.8
Trade signal
Sell USDJPY within (111.53-111.29) with your take profit at 109.54 and stop loss above 111.53.