Remain short | 04 Juli 2018

04 Juli 2018, USD/JPY

Technical observation

After the rejection at the resistance zone 111.21-110.02 on Monday, USD/JPY has been trading to the lower side and is still trading with a bearish bias. I went short yesterday and I’m still holding onto this position. My expectations is the price should continue to decline with my take profit at the support 109.03 and the next at 107.34.On the way downwards the key lines to look for are;109.03 and 107.34.Should there be a breach below 109.03,then I’ll expect a drop towards 107.34.As it on the daily chart above, only sell positions look more ideal and can be advised towards 109.0.Right now remain short.

Technical levels

Resistance levels

R1.110.07

R2.110.4

R3.111.08

Pivot

109.74

Support levels

S1.109.39

S2.109.04

S3.108.36

Trade signal

Remain short.

101% Double the volume

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Imelda Maseno
Analyst of «FreshForex» company
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