Remain flat | 13 November 2018

13 November 2018, USD/JPY

Remain flat

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.

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Remain flat

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Imelda Maseno
Analyst of «FreshForex» company
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