Wait for a correction to 111.96-111.83 | 02 Oktober 2018

02 Oktober 2018, USD/JPY

Wait for a correction to 111.96-111.83

Technical observation

USD/JPY established a daily support zone when price broke above a resistance 111.96-111.83,USD pulled back to the just broken zone and was rejected before rallying up towards a key line 114.4,price was rejected at it and is currently retracing to 111.96-111.83.while the price is contained above this zone, I believe USD is still within the buyers reach.AS it is ,I’m waiting for retracement to 111.96-111.83 and a bounce sign to re-buy USD towards 114.14.Should the price ascend above 114.14,then I’ll wait for a correction to it to confirm further bullish momentum of price before I continue long with USD.

Technical levels

Resistance levels

R1.113.84

R2.113.98

R3.114.38

Pivot

113.59

Support levels

S1.113.43

S2.113.17

S3.112.76

Trade signal

Wait for a correction to 111.96-111.83 to buy USD/JPY.

Do you know against which currencies JPY is the most profitable?

Wait for a correction to 111.96-111.83

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Imelda Maseno
Analyst of «FreshForex» company
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