30 April 2018, USD/JPY
Technical observation
Last week, USD broke above a resistance zone 108.10-107.30 and is still pretty much above it.I expect a pull back to the just broken zone and a rejection of price within it for bullish movement of price towards the resistance line 114.34 and a breakout above it for a further rise in price towards the support resistance line 121.13.I would advise you buy USD on the second retracement to the zone with your take profit at 114.34 and stop loss around 104.75.If price breaks above the line 14.34,remain long with USD with your take profit at the next resistance line 121.13.Right now remain flat.
Technical levels
Resistance levels
R1.109.84
R2.110.63
R3.112.51
Pivot
108.75
Support levels
S1.107.96
S2.106.87
S3.104.99
Trade signal
Remain flat temporarily and wait for the correction to 108.10-107.30 to buy USD.