USDJPY – Down
Technical observation
On the daily chart above, USDJPY retraced at a key resistance zone(107.52-107.31) four times before moving down and price is currently within it.I don’t expect a breakout above the zone but a possible rejection of price for bearish movements towards the key line 104.64 and a breakout below it for a further decline in price towards the lower key line 99.81.You can sell USD now within the zone with your take profit at 104.64 and stop loss around 108.25.If price breaks above (107.52-107.31) with a big green candle, wait for a correction to the zone before you enter long positions with USD towards the line 110.11.
Technical levels
Resistance levels
R1.107.52
R2.107.78
R3.108.39
Pivot
107.21
Support levels
S1.106.9
S2.106.55
S3.105.94
Trade signal
Sell USD now with your take profit at 104.64 and stop loss around 108.25.
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