16 Februari 2018, USD/JPY
Technical observation
Recently there’s has been a massive decline in price of USD against the JPY, yesterday price broke below a key line 106.54 with a big red candle and is still going down, I expect a possible correction of price to 106.54 and a rejection of it at the line followed by decline in price. I would advise you wait for a correction and a rejection to 106.54 then short the pair with your take profit at 102.77 and stop loss at 107.20.If price gets breached below 102.77 then wait for a correction to it then short USD.Right now I can only recommend short positions as i expect price to continue short today and the next coming days.
Technical levels
Resistance levels
R1.109.39
R2.109.99
R3.111.25
Pivot
108.78
Support levels
S1.108.13
S2.107.45
S3.106.19
Trade signal
Wait for a correction and a rejection to 106.54 then short USDJPY with your take profit at 102.77 and stop loss at 107.20.