30 November 2018, USD/JPY
Technical observation
The pair on the daily chart above established a key supportive zone around 112.14-111.76.Price is currently rallying on increasing bearish momentum towards it and I expect a loss of this movement within the above mentioned zone to pick long position with my ideal target at 114.52 and stop loss at 110.49.Should there be a clear penetration above 114.52, wait for a correction to it confirming further bullish movement of price before you continue long USD. In case of a clear penetration below the zone 112.14-111.76 then bearish price rally will be anticipated towards the supportive key level 109.75 or even to the lower level 107.75.
Trade recommendation
Re-buy USD/JPY within 112.14-111.76 with your take profit at 114.52 and stop loss at 110.49.
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