13 November 2018, USD/JPY
Technical observation
USD/JPY is rallying above a key resistance zone 113.44-113.38 and I expect a correction to it followed by a rejection of price within it for possible bullish momentum towards the resistance line 114.53 and possible break above it for a further rise in price. I’ll remain neutral now and wait for a pull back to the above mentioned zone followed by a bounce within it to pick long position with my ideal target at 114.53 and stop loss slightly below 113.38.In case of a break above 114.53, wait for a confirmation of further bullish movement of price before you continue long with this pair. Short positions may only be advisable below 113.38.
Trade recommendation
Remain flat.
Do you know against which currencies JPY is the most profitable?More trading assets here...