USDJPY – Down
Technical observation
On the weekly chart above,USDJPY broke below support line 107.98 with a big red candle, price then retraced to the zone before rallying down ,recently price pulled back perfectly to it and is currently around it I expect possible bearish movement of price this week and the weeks to come. I would advise you sell USD now with your take profit at 100.62 and stop loss around 110.17.In case price breaks clearly above the line with a big green candle, wait for a correction to it to confirm price is on a bullish move before you enter long positions with USD towards the key line 114.03 or even up towards 121.13.
Technical levels
Resistance levels
R1.108.03
R2.108.44
R3.109.42
Pivot
107.46
Support levels
S1.107.05
S2.106. 48
S3. 107.05
Trade signal
Short USD now with your take profit at 100.62 and stop loss around 110.17.
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