Remain flat | 09 July 2018

09 July 2018, USD/JPY

Remain flat

Technical observation

USD/JPY is trading on a downward trend.Currenty price is between the resistance zone114.79-113.98 and the support line 107.03. I expect either a rise to 114.79-113.98 or a decline to 107.03.In case of a rise to 114.79-113.98 and a rejection at it, Short USD within it with your take profit at 107.03 and stop loss slightly above 114.79, and in case of a decline to the support 107.03, wait for a breakout below it followed by a correction to it before you short the pair towards 100.59.Right now, remain flat and wait for either the correction to 114.79-113.98 or a breakout below 107.03 to trade USD/JPY.

Technical levels

Resistance levels

R1.110.98

R2.111.49

R3.112.35

Pivot

110.63

Support levels

S1.110.12

S2.109.77

S3.108.91

Trade signal

Remain flat.

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Imelda Maseno
Analyst of «FreshForex» company
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