09 Maret 2018, USD/JPY
Technical observation
On the daily chart above,USDJPY has been trading below a key resistance zone (108.14-107.79).Right now, price is rallying below towards it and I expect a rejection of it within or around the zone to sell USD with my take profit at 105.20 and stop loss around 108.63.In case of a breach below 105.20,wait for a retracement to it before you continue short with USD towards the lower key line 100.20.If there’s a clear break out above (108.14-107.79),wait for a pullback to it before you enter long positions towards 114.43.Right now I would advise you remain flat temporarily and wait for a pullback to the zone.
Technical levels
Resistance levels
R1.106.52
R2.106.83
R3.107.72
Pivot
105.95
Support levels
S1.105.62
S2.105.04
S3.104.15
Trade signal
Wait for a correction to (108.14-107.79) to short USD with your take profit at 105.20 and stop loss around 108.63.