07 Agustus 2018, USD/JPY
Technical observation
On the daily chart above, USD/JPY is pulling back to the key support zone 111.23-110.93, unless the zone is clearly breached to the lower side with a big red candle, I expect a rise towards 113.62 and even a breakout. Long positions seem more ideal on the chart above and can be recommended while price is still above 111.23-110.93.I may consider short positions if 111.23-110.93 is broken towards 108.73 but as it is I hold onto bullish sentiment on this pair. I’m looking to buy USD/JPY within 111.23-110.93 with my take profit at the resistance 11362 and stop loss slightly below the line 110.93.
Technical levels
Resistance levels
R1.111.74
R2.112.2
R3.112.98
Pivot
111.42
Support levels
S1.110.95
S2.110.64
S3.109.85
Trade signal
Buy USD/JPY within 111.23-110.93 with your take profit at 11362 and stop loss slightly below 110.93.
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