17 September 2018, USD/JPY
Technical observation
On the 4hour chart above USD/JPY is rallying above a supportive zone 111.79-111.72.I expect a pullback to the zone for the second time followed by a rejection within it for upwards momentum of price towards 112.53.Wait for the correction to the above mentioned zone then long USD within it with your take profit at 112.53 and stop loss slightly below 111.72.In case of a breakout above 112.53, wait for a correction to it confirming a further rise in price before you continue long with the pair. Right now only long positions look ideal and can be recommended on the chart above towards the resistance line 112.53.
Technical levels
Resistance levels
R1.111.02
R2.112.03
R3.112.07
Pivot
111.99
Support levels
S1.111.97
S2.111.95
S3.111.91
Trade signal
Buy USD/JPY within 111.79-111.72.
Do you know against which currencies JPY is the most profitable?More trading assets here...