08 Agustus 2018, USD/JPY
Technical observation
Yesterday USD/JPY retraced to the support zone 111.23-110.93, it tried to penetrate below the zone but was rejected and is currently moving up. I expect a rise in price towards the resistance line 113.62 followed by a breakout above it for a further rise in price, in case you sold the pair yesterday within the zone remain long with your ideal target at 113.62, if you had not sold it yet, you can still long USD within 111.23-110.93 with your take profit at 113.62 and stop loss slightly below 110.93.Short positions may only be recommended in case of a clear breach below 110.93 with a big red candle.
Technical levels
Resistance levels
R1.111.74
R2.112.2
R3.112.98
Pivot
111.44
Support levels
S1.110.95
S2.110.64
S3.109.85
Trade signal
Buy USD within 111.23-110.93 with your take profit at 113.62 and stop loss slightly below 110.93.Do you know against which currencies JPY is the most profitable? More trading assets here...