04 September 2018, USD/JPY
Technical observation
USD/JPY is trading within the resistance zone 111.51-111.43 and the key supportive line 110.70.I expect either a correction to 111.51-111.43 and a rejection within it for possible downwards movement of price or a pullback to 110.70 and a rejection at it for possible bullish momentum of price towards 111.43.My advice, remain flat temporarily and wait for either to trade the pair on the 4 hour chart above. Should there be a breakout above the zone 111.51-111.43 with a big green candle, wait for a correction to it to confirm possible upward momentum of price before you enter long positions towards 112.15.
Technical levels
Resistance levels
R1.1.3009
R2.1.3062
R3.1.3147
Pivot
1.2979
Support levels
S1.1.2925
S2.1.2892
S3.1.2808
Trade signal
Remain flat.
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