21 Maret 2018, USD/JPY
Technical observation
USD is still rallying around a key daily resistance zone (108.06-107.78), I expect a decline in price towards the key line 105.52 and a breakout below it for a further decline in price towards the key line 102.85, or even lower to 100.07 if 192.85 is breached too. In case price retraces to the zone, wait for a rejection of it within or around the zone to short USD towards 105.52, In case there’s a clear breakout above the zone with a big green candle, wait for a pullback to the zone to confirm bullish movement of price before you enter long position towards the key line 114.33.Right now I would advise you remain flat.
Technical levels
Resistance levels
R1.106.34
R2.106.64
R3.107.27
Pivot
106.03
Support levels
S1.105.71
S2.105.38
S3.104.74
Trade signal
Remain flat and wait for a breakout below 105.52 or a retracement to (108.06-107.78) to sell USD.