10 Juli 2018, USD/JPY
Technical observation
USD/JPY has been pulling back to the resistance zone 111.19-110.92 and currently price is within it.I expect a rejection of it within the zone for possible downwards movement of price towards 109.03 and a breakout below it for a further decline in price towards 106.76.You can short the pair right now within the zone with your ideal target at 109.03 and stop loss slightly above 111.19.In case price is not rejected within 111.19-110.92 and instead breaks above it with a big green candle, wait for a correction to it then long USD on the second retracement to the just broken zone just to ensure it was not a false breakout.
Technical levels
Resistance levels
R1.110.97
R2.111.35
R3.111.96
Pivot
110.74
Support levels
S1.110.35
S2.110.12
S3.109.51
Trade signal
Short USD now with your take profit at 109.03 and stop loss slightly above 111.19.
101% Double the volume