Remain flat | 20 July 2018

20 July 2018, USD/JPY

Remain flat

Technical observation

USD/JPY is still pulling back to the just broken zone 111.27-111.07,I expect a rejection of it within the zone for possible bullish movement of price towards the resistance 114.2 and a possible breakout above it.Right now remain flat and wait for the correction to 111.27-111.07 then long the pair on the chart above within it after a rejection of price with your ideal target at 114.12 and stop loss slightly below 111.07.If price breaks above 114.12,wait for a correction to it before you continue long with the pair. Short positions may only be recommended in case there’s a clear breakout below 111.07 with a big red candle and a correction to it.

Technical levels

Resistance levels

R1.112.67

R2.113

R3.113.52

Pivot

112.53

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?

Remain flat

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Imelda Maseno
Analyst of «FreshForex» company
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