Remain flat | 06 Agustus 2018

06 Agustus 2018, USD/JPY

Remain flat

Technical observation

On the weekly chart above, price is rallying between a resistance zone 114.73-114.12 and a support 106.85, I expect a correction to 114.73-114.12 and a rejection of price within it for a possible bearish momentum of price towards 106.85, or a breakout above 114.73-114.12 followed by a correction to it for possible bullish movements of price. My advice, remain flat and wait for the correction to 114.73-114.12 and a rejection within it to short USD with your take profit at 106.85 and stop loss slightly above 114.73.In case of a break below 106.85,wiat for a correction to it before you continue short with the pair.

Technical levels

Resistance levels

R1.112.04

R2.112.81

R3.114.23

Pivot

111.39

Support levels

S1.110.62

S2.109/97

S3.108.55

Trade signal

Remain flat.

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Remain flat

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Imelda Maseno
Analyst of «FreshForex» company
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