Remain flat | 11 September 2018

11 September 2018, USD/JPY

Remain flat

Technical observation

On the weekly chart above, price is rallying between a resistance zone 114.80-114.07and a support 107.57.I expect either correction to the zone or a rally down to 107.57.In case of a correction to 114.80-114.07, wait for a rejection of price within it to short USD and should there be a rally to 107.57 and a rejection at it, that would be the best place for short term traders to pick long positions. Right now remain flat temporarily and wait for either to trade USD/JPY.A breakout above the above mentioned zone and correction to it is a confirmation to pick long positions within 114.80-114.07 towards the resistance line 121.48.

Technical levels

Resistance levels

R1.111.76

R2.112.45

R3.113.83

Pivot

111.07

Support levels

S1.110.38

S2.109.69

S3.108.31

Trade signal

Remain flat.

Do you know against which currencies JPY is the most profitable? Remain flat More trading assets here...
Imelda Maseno
Analyst of «FreshForex» company
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