Wait for a correction | 18 Oktober 2018

18 Oktober 2018, USD/JPY

Wait for a correction

Technical observation

USD/JPY went up as predicted yesterday but is currently moving on a bearish momentum towards 111.82, I expect a rejection of it within the zone followed by a rise towards 114.51.I am waiting for the correction to111.82-111.61 and a bounce within it to re-buy USD/JPY with my take profit at 114.51 and stop loss around 110.68.In case of breakout above 114.51, wait for a correction to the just broken line confirming further bullish momentum of price before you continue long with this pair. Short positions may only be recommended in case of a clear breakout below the zone 111.82-111.61 with a big red candle and a retracement to it.

Technical levels

Resistance levels

R1.112.52

R2.112.84

R3.113.44

Pivot

112.6

Support levels

S1.111.9

S2.111.58

S3.110.96

Trade signal

Wait for a correction to 111.82-111.61 to re-buy USD/JPY with your take profit at 114.51 and stop loss around 110.68.

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Wait for a correction

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Imelda Maseno
Analyst of «FreshForex» company
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