21 Juni 2018, USD/JPY
Technical observation
USD/JPY retraced a t a resistance zone111.21-111.02 twice before rallying down. Currently, price is correcting to the zone and I expect a rejection of it within the zone for possible bearish momentum towards 107.80.I would advise you wait for the correction to 111.21-111.02 and a rejection of price within it to short the pair with your ideal target at 107.80 and stop loss slightly above 111.21.In case there’s a clear breach above111.21-111.02,wait for a correction to the zone to ensure it is not a false a breakout before you enter long positions towards 113.63.Right now wait for a correction to 111.21-111.02 to short USD.
Technical levels
Resistance levels
R1.110.65
R2.110.76
R3.111
Pivot
110.51
Support levels
S1.110.41
S2.110.27
S3.110.03
Trade signal
Short USD/JPY within 111.21-111.02 with your take profit at 107.80 and stop loss slightly above 111.21.
101% Double the volume