Long within 109.01-108.78 | 08 Juni 2018

08 Juni 2018, USD/JPY

Technical observation

Yesterday, USD/JPY was declining towards a support zone 109.01-108.78 and it is moving towards it right now. I don’t expect a breakout below the zone but a rejection of price within It for bullish momentum towards 110.92 and a possible breakout above it for a further rise in price.Im looking to long the pair within the zone with my take profit at 110.92 and stop loss around 108.01.In case there’s a clear breakout below 108.78 with a big red candle, wait for a correction to it then short USD on the second retracement to it just to ensure it is not a false breakout. Right now only long positions can be recommended within 109.01-108.78.

Technical levels

Resistance levels

R1.109.83

R2.110.14

R3.110.84

Pivot

109.49

Support levels

S1.109.12

S2.108.72

S3.108.02

Trade signal

Long USD/JYP within 109.01-108.78 with your take profit at 110.92 and stop loss around 108.01.

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Imelda Maseno
Analyst of «FreshForex» company
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