USD/JPY 108.05 - 26 February
USD/JPY recovered from its loses from the last two days of last week and closed above 108.00. It is possible the upward impulse to continue and test the highest rate for the last month and a half at 108.50, which is also the first resistance level for the currency couple. If this level is broken, next resistances are the 55 day MA at 109.00, and 109.75, which is 49.8% Fibonacci correction of the descent 114.70 - 105.00. But at the moment the couple remains in corrective fase, and the current formation of the asymmetric upward triangle is rather showing the middle term dropping of the USD/JPY. Support is expected at at the lowest rate from 27 November at 107.25, followed by 106.70, which is 49.8% Fibonacci correction of the climb 104.90 - 108.55, and the bottoms from last month around 106.05.
Technical resistance levels: 108.50 109.00 109.75
Technical support levels: 107.25 106.70 106.05
Trading range: 108.15 - 107.55
Sell at 108.05 SL 108.35 TP 107.65
Already made +10 pips profit on USD/JPY today from the following signal:
6:09 GMT Sell USD/JPY at 107.95 SL 108.21 TP 107.45 exited at 10:18 GMT.
Total results today +147 pips, yesterday +155, as shown at www.zifx.com/performance.php