05 Maret 2018, USD/JPY
Technical observation
The pair on the weekly chart above is trading on a downward trend. There was a clear breach of price below a support zone (108.58-107.79),it then declined up to a key line 105.20 before it was pulled back to the zone and got rejected. Right now it is correcting to the zone and I expect a rejection of it within or around the zone to short USD with my take profit at 105.20 and stop loss around 110.51.In case of a breakout above 108.58, wait for a correction to it before you enter long position with your target around 114.43,if price goes below 105.20,wait for a correction to it before you continue short.
Technical levels
Resistance levels
R1.107.2
R2.108.65
R3.110.08
Pivot
106.22
Support levels
S1.104.76
S2.103.79
S3.101.36
Trade signal
Sell USD around or within (108.58-107.790, with your take profit at 105.20 and stop loss around 110.51.