06 September 2018, USD/JPY
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.
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