31 Mei 2018, USD/JPY
Technical observation
Yesterday USD/JPY retraced to the broken support zone109.04-108.80 and is currently within it.I expect a rejection of it from the zone for bearish movement of price towards 106.74 and a breakout below it for a further decline in price towards 104.64.I’m looking to short the pair after the second retracement to the zone with my take profit at 106.74 and stop loss around 109.72.If price breaches below 106.74,wait for a correction to it then continue short with the pair towards 104.64.Right now remain flat temporarily and wait for a second retracement to 109.04-108.80 to short the pair with your target at 106.74.
Technical levels
Resistance levels
R1.109.62
R2.109.85
R3.110.32
Pivot
109.41
Support levels
S1.109.14
S2.108.89
S3.108.41
Trade signal
Remain flat temporarily.
101% Double the volume