Wait for a correction | 06 November 2018

06 November 2018, USD/JPY

Wait for a correction

Technical observation

USD/JPY was rejected at the supportive zone 112.66-112.60 then went up as i predicted, currently it is rallying around a resistance line 113.37 and I expect a rejection of it at the line followed by another correction to the 112.66-112.60 for possible bullish movements of USD.I bought this pair within 112.66-112.60 and I’m looking to pick my profits at 113.37.If you had not bought this pair yet, wait for a correction to 112.66-112.60 and a rejection within it to buy USD with your ideal target at 113.37 and stop loss slightly below 112.60.Should there be a clear break above113.37,wait for a pullback to it before you continue long.

Technical levels

Resistance levels

R1.113.26

R2.113.28

R3.113.35

Pivot

113.21

Support levels

S1.113.19

S2.113.14

S3.113.07

Trade signal

Wait for a correction to 112.66-112.60 to re- buy USD.

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

Wait for a correction

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Imelda Maseno
Analyst of «FreshForex» company
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