31 Agustus 2018, USD/JPY
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?More trading assets here...