10 April 2018, USD/JPY
Technical observation
The pair on the daily chart above has been trading on a downward trend, price retraced at a key resistance zone (107.52-107.31) thrice before proceeding down. Currently price is correcting to the zone and I expect a rejection of it within or around the zone for a possible bearish move of price towards the key line 104.64.I also expect a possible breakout below the line for a further decline in price towards the lowest key line 99.81.If price breaks above the resistance zone (107.52-107.310 with a big green candle, wait for a correction to it before you enter long positions with USD towards the key line 110.11.
Technical levels
Resistance levels
R1.107.34
R2.107.75
R3.108.43
Pivot
107.06
Support levels
S1.106.65
S2.106.37
S3.105.68
Trade signal
Wait for a correction to the zone (107.52-107.31) to short USD with your take profit at 104.64 and stop loss around 108.19.