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Remain flat

Remain flat | 19 July 2018

19 July 2018, USD/JPY

Remain flat

Technical observation

USD/JPY went down yesterday and is still rallying down towards 111.27-111.07.I expect a rejection of it within the zone followed by bullish momentum towards 114.12 and a breakout above it for a further rise in USD.You can remain flat right now and wait for the correction to 111.27-111.07 then long the pair on the chart above within the zone with your ideal target at 114.12 and stop loss slightly below 111.07.In case of a breach above 114.12,wait for a correction to it before you continue long with USD.Short positions may only be recommended in case there’s a clear breach below 111.27-111.07 with a big red candle.

Technical levels

Resistance levels

R1.112.67

R2.113

R3.113.52

Pivot

112.51

Support levels

S1.112.15

S2.111.95

S3.111.42

Trade signal

Remain flat

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Remain flat

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Imelda Maseno
Analyst of «FreshForex» company
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