13 September 2018, USD/JPY
Technical observation
On the hourly chart above, price is rallying towards a resistance zone 111.45-111.42,I expect nothing but a rejection of it within the zone for possible bearish movements of price towards the support 111.18,a breakout below 111.18 followed by a correction to it is a confirmation of further bearish momentum towards 110.91 or even lower to 110.70.Wait for the correction to the above mentioned zone then short USD within it with your first take profit at 111.18 and the next at 110.91.only short positions look ideal on the chart above and can be recommended within 111.45-111.42.You can only pick long positions above111.45-111.42.
Technical levels
Resistance levels
R1.111.04
R2.111.08
R3.111.15
Pivot
111
Support levels
S1.110.97
S2.110.92
S3.110.84
Trade signal
Short USD/JPY within 111.45-111.42 with your take profit at 111.18 and stop loss around 111.57.
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