11 September 2018, USD/JPY
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.
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