19 Oktober 2018, USD/JPY
Technical observation
Yesterday USD/JPY pulled back to the key supportive zone 111.82-111.61 but could not penetrate below it, price was rejected and is currently rallying towards 114.51.I expect a possible rise to the line followed by a breach above it for further bullish momentum. I picked long position within the above mentioned zone and I’m holding onto this position with my ideal target at114.51 and atop loss slightly below 111.61. Should there be a rise above 114.51, I’ll wait for a correction to it before I continue long with this pair. Short positions may only be recommended in case of a clear breakout below 111.61 followed by a retracement to it.
Technical levels
Resistance levels
R1.1.3225
R2.1.3298
R3.1.341
Pivot
1.3194
Support levels
S1.1.3113
S2.1.3073
S3.1.2961
Trade signal
Remain long towards 114.51.
Do you know against which currencies JPY is the most profitable?More trading assets here...