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We're short

We're short | 05 July 2018

05 July 2018, USD/JPY

We're short

Technical observation

After the rejection from the resistance 111.21-110.92, the pair on the daily chart above is still declining steadily towards the support 109.03,I expect a breakout below it followed by a correction to it for bearish momentum towards 107.34.If you already sold the pair within 111.21-110.92,remain short towards 109.03 and in case of a breakout below it, wait for a correction to the broken line before you continue short with the pair. On the chart above, only short positions look ideal and can be recommended. Buy positions may only be recommended in case of a breach above 111.21 with a big green candle followed by a correction to it.

Technical levels

Resistance levels

R1.110.07

R2.110.4

R3.111.08

Pivot

109.76

Support levels

S1.109.39

S2.109.04

S3.108.36

Trade signal

Remain short towards 109.03.

101% Double the volume

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Imelda Maseno
Analyst of «FreshForex» company
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