Wait for a correction to 113.69-113.64 | 27 November 2018

27 November 2018, USD/JPY

Wait for a correction to 113.69-113.64

Technical observation

On the hourly chart above price is rallying below the key resistance zone 113.69-113.64 and as long as it is contained below this zone a steep rally towards the support 113.11 is expected. If you sold this pair yesterday within the above mentioned zone, remain short with your ideal target at 113.11, but if you had not sold it yet, you can wait for another correction to 113.69-113.64 then sell USD within it after a bounce. Should there be a clear breakout above the zone with a big green candle and a correction to it then upward momentum towards the level 114.18 is expected. Right now wait for a correction to 113.69-113.64 to sell USD.

Trade recommendation

Wait for a correction to 113.69-113.64 to sell USD with your take profit at 113.11 and stop loss at 113.89.

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

Wait for a correction to 113.69-113.64

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Imelda Maseno
Analyst of «FreshForex» company
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