Remain flat temporarily. | 31 Mei 2018

31 Mei 2018, USD/JPY

Remain flat temporarily.

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.

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Imelda Maseno
Analyst of «FreshForex» company
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