Remain flat temporarily. | 08 Mei 2018

08 Mei 2018, USD/JPY

Remain flat temporarily.

Technical observation

After the false breakout above the resistance line 109.43.USDJPY went down below it and is currently pulling back to it.I expect a rejection of it form 109.43 for a decline in price towards 107.68.my advise, remain flat and wait for the correction and rejection of price within the zone to sell USDJPY with your take profit at 107.68 and stop loss around 110.17.If price breaks above 109.43 with a big green candle, only buy USDJPY after the second correction to the broken line just to make sure the breakout Is not false. Right now according to the chart above, only short positions look ideal and can be advised.

Technical levels

Resistance levels

R1.109.64

R2.110.1

R3.110.92

Pivot

109.28

Support levels

S1.108.82

S2.108.47

S3.107.65

Trade signal

Remain flat temporarily.

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Imelda Maseno
Analyst of «FreshForex» company
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