17 July 2018, USD/JPY
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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