19 Juni 2018, USD/JPY
Technical observation
The pair on the daily chart above is on a downward trend. After a breach below the support zone 111.21-111.02,price retraced to it before moving down to a support 107.80,it broke below it then retraced to it severally before breaking above it.Price then rallied up to the zone 111.21-111.02 it could not penetrate above it and was rejected then went down.Recenlty,it corrected to the zone again but was rejected and is currently rallying down towards 107.80.I expect a pull back to the zone and a rejection within it for bearish momentum of price towards 107.80.I’m waiting for a correction to 111.21-111.02 to short USD/JPY.
Technical levels
Resistance levels
R1.110.92
R2.111.17
R3.111.69
Pivot
110.65
Support levels
S1.110.4
S2.110.13
S3.109.61
Trade signal
Wait for a correction 111.21-111.02 to short USD/JPY.
101% Double the volume