Remain flat temporarily. | 11 July 2018

11 July 2018, USD/JPY

Technical observation

Yesterday price was within the resistance zone 111.11-110.93.I expected a rejection of price within it followed by bearish movement of price but the pair did not go down. Currently it is still within the zone and I expect either a clear breakout above it with a big green candle or a rejection of price within the zone followed by a bearish momentum towards 109.03.My advice, remain flat temporarily and wait for either to trade the pair. The lines to look out for on your way downwards are; 109.03 and 107.03, and the lines to look out for on your way upwards are 112.9 and the resistance 113.60.

Technical levels

Resistance levels

R1.110.97

R2.111.35

R3.111.96

Pivot

110.76

Support levels

S1.110.35

S2.110.12

S3.109.51

Trade signal

Remain flat temporarily.

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Imelda Maseno
Analyst of «FreshForex» company
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