Sell USD now | 16 April 2018

16 April 2018, USD/JPY

Sell USD now

Technical observation

USDJPY broke below a key support zone (107.80-106.99) with a big red candle, price then retraced to the zone twice before moving down, currently it is within the zone and I don’t expect a breakout above the zone but a rejection of price for bearish movements of price towards the key line 104.64.My advice, sell USD now with your take profit at 104.64 and stop loss around 109.45.In case of a breakout below 104.64,wait for a correction to it then continue short with USD.you can only buy USD in case of a breakout above the zone (107.80-106.99) with a big green candle and a correction to it.

Technical levels

Resistance levels

R1.107.89

R2.108.42

R3.109.59

Pivot

107.25

Support levels

S1.106.72

S2.106.08

S3.104.92

Trade signal

Sell USD now.

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Imelda Maseno
Analyst of «FreshForex» company
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