Remain flat | 17 July 2018

17 July 2018, USD/JPY

Remain flat

Technical observation

After breaking above a resistance zone 111.27-111.07 USD/JPY rallied up towards 114.12 but could not reach it.Price then pulled back toward the just broken zone but still could not reach it.Currently USD is rallying between 114.12 and the zone 111.27-111.07, I expect either a correction to 111.27-111.07 and a rejection within it for bullish momentum towards 114.12 or a rise to 114.12 and a breakout above it for a further rise in price. My advice, remain flat right now and wait for either to long pair. The pair on the daily chart above (USD/JPY) is bullish and so only long positions can be advisable.

Technical levels

Resistance levels

R1.112.67

R2.113

R3.113.52

Pivot

112.47

Support levels

S1.112.15

S2.111.95

S3.111.42

Trade signal

Remain flat. Do you know against which currencies JPY is the most profitable?

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Imelda Maseno
Analyst of «FreshForex» company
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