28 Februari 2018, USD/JPY
Technical observation
The pair on the daily chart above broke below a support zone (108.03-107.77), price then declined up to a key line 105.55 but was corrected back to the zone then went down again, right now, price is rallying below the zone and I expect a pullback and a rejection of it within or around the zone to re sell the pair with my take profit at 105.55 and stop loss around 108.69.In case there’s a breakout below 105.55 wait for a correction before you continue short. If there’s a clear breach of price above the resistance zone, wait for a retracement to the zone before you buy USD with your ideal target at 110.37.
Technical levels
Resistance levels
R1.107.38
R2.108
R3.109.02
Pivot
107.01
Support levels
S1.106.36
S2.105.97
S3.104.95
Trade signal
Wait for a correction to(108.03-107.77), to re sell USDJPY with your take profit at 105.55 and stop loss around 108.69