Remain flat | 02 July 2018

02 July 2018, USD/JPY

Remain flat

Technical observation

The pair on the weekly chart above is on a downward trend. Price retraced severally at a resistance zone 114.73-114.09 before rallying down toward a support 107.84,it then broke below it but could not be contained and so it went up above it again and is currently approaching 114.73-114.09.I expect a rejection of it within the zone for possible bearish momentum towards 107.84.You can remain flat now and wait for the correction to 114.73-114.09 and the rejection within it to short the pair within the zone with your ideal target at 107.84 and stop loss slightly above 114.73.Only short positions can be recommended on the chart above.

Technical levels

Resistance levels

R1.111.3

R2.111.91

R3.113.49

Pivot

110.33

Support levels

S1.109.72

S2.108.75

S3.107.17

Trade signal

Remain flat.

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Imelda Maseno
Analyst of «FreshForex» company
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