Wait for a correction to 111.51-111.43. | 31 Agustus 2018

31 Agustus 2018, USD/JPY

Wait for  a correction to 111.51-111.43.

Technical observation

Yesterday there’s was a false breakout above the resistance zone 111.51-111.43 and so it did not go as predicted. Price could not be contained above the zone and so another breakout was seen below it and currently USD is pulling back to the just broken it.I expect a rejection of price within the zone for possible bearish momentum towards 110.70 and a possible breach below it too for a further decline in price towards 110.06.Wait for the pullback to 111.51-111.43 then short the pair on the 4Hour chat above within it after a rejection .Continue short with the pair after a breach below 110.70 and a correction to it.

Technical levels

Resistance levels

R1.111.27

R2.111.3

R3.111.39

Pivot

111.28

Support levels

S1.111.19

S2.111.14

S3.111.06

Trade signal

Wait for a correction to 111.51-111.43.

Do you know against which currencies JPY is the most profitable?

Wait for  a correction to 111.51-111.43.

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Imelda Maseno
Analyst of «FreshForex» company
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