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