03 April 2018, USD/JPY
Technical observation
USDJPY retraced at a key resistance line 107.08 twice before proceeding down to a key line 104.68.Currently price is rallying below the zone and I expect pullback to it and a possible rejection for bearish movement of price towards 104.68 and a breakout below it for further decline in price towards the lower key line 100.14.My advice, wait for a correction and a rejection at 107.08 then short USD with your take profit at 104.68 and stop loss around 107.98.If price breaks above 107.68 and gets corrected at 107.98,you can still short USD from 107.98.Buy USD after a breakout above 107.98 and a correction to it.
Technical levels
Resistance levels
R1.107.4
R2.108
R3.109.58
Pivot
106.41
Support levels
S1.105.81
S2.104.83
S3.103.25
Trade signal
Wait for a correction and a rejection at 107.08 then short USD with your take profit at 104.68 and stop loss around 107.98.