Remain flat temporarily. | 19 November 2018

19 November 2018, USD/JPY

Remain flat temporarily.

Technical observation

The pair on the hourly chart above is on a downwards trend. After a clear breakout below the support 113.05 with a big red candle, price rallied below it towards the support 112.62 and is currently at it.I expect either a clear breakout below 112.62 with a big red candle followed by a correction to it for bearish movements of USD or a rejection at 112.62 followed by a correction to the recently broken support 113.05 and a rejection at it for bearish momentum of price. I would advise you remain flat temporarily and wait for either of the above mentioned circumstance to USD. Only short positions can be recommended.

Trade recommendation

Remain flat temporarily.

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

Remain flat temporarily.

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Imelda Maseno
Analyst of «FreshForex» company
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