Remain flat temporarily. | 06 September 2018

06 September 2018, USD/JPY

Remain flat temporarily.

Technical observation

Price is currently correcting to the resistance zone 111.82-111.73 and I expect a rejection of it at the line for possible bearish movements of price towards 110.68 and a possible breakout below it for a further decline in price. Remain flat temporarily and wait for the correction to 111.82-111.73 and a rejection of price within it then short the pair within the zone with your take profit at 110.68 and stop loss slightly above 111.82.Should there be a breach above the zone with a big green candle, wait for a correction to it to confirm bullish momentum of price before you enter long positions toward the resistance 112.69.

Technical levels

Resistance levels

R1.111.07

R2.111.11

R3.111.23

Pivot

111.06

Support levels

S1.110.95

S2.110.88

S3.110.76

Trade signal

Remain flat temporarily.

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

Remain flat temporarily.

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Imelda Maseno
Analyst of «FreshForex» company
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