Wait for a correction to 112.72-112.66 | 20 November 2018

20 November 2018, USD/JPY

Wait for a correction to 112.72-112.66

Technical observation

Price went below a key supportive zone 112.72-112.66 and is currently rallying below it.My expectation is nothing but a correction to the just broken zone followed by a bounce within it for possible downwards movement of USD towards 111.66 and a possible breakout below it for a further decline in price towards the lowest support 110.50.My advice, short USD on the second retracement to the above mentioned zone just to ensure this is not a false breakout with your take profit at 111.66 and stop loss around 113.20.As long as price is contained below the zone 112.72-112.66 only short positions can be advisable.

Trade recommendation

Wait for a correction to 112.72-112.66 to sell USD with take profit at 111.66.

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Wait for a correction to 112.72-112.66

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Imelda Maseno
Analyst of «FreshForex» company
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