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wait for a pullback towards 112.81 to long Usd towards 118.00

wait for a pullback towards 112.81 to long Usd towards 118.00 | 23 October 2017

23 October 2017, USD/JPY

wait for a pullback towards 112.81 to long Usd towards 118.00
Technical Observation:
Last trading day, Usd rise slightly higher than expected and even broke out above 112.81. This is a key daily resistance line, and this breakout means we're still long towards 118.00. As it is, only a buy position can safely be recommended with my take profit at 118.00. If the take profit is breached, then the price could rise higher towards 121.00. ON the other side, if the price can pullback below 112.80, then I'll wait for another break below 111.69, to confirm a bearish rally towards 110.24 or lower
Technical Levels
Resistance levels
R1: 112.56
R2: 113.27
R3: 114.41
Pivot
112.12
Support Levels
S1: 109.83
S2: 110.98
S3: 111.42
Trade Signal
wait for a pullback towards 112.81 to long Usd towards 118.00

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Imelda Maseno
Analyst of «FreshForex» company
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