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Remain short

Remain short | 23 July 2018

23 July 2018, USD/JPY

Technical observation

Last week the pair on the daily chart above went down after a rejection of it around the resistance zone 115.02-114.12.I still expect it to decline towards the support 107.12 and breach below it for a further decline in price. If you sold the pair last week remain short with your ideal target at 107.02, If you hadn’t sold it yet you can still short it now with your ideal target at 107.02 and stop loss slightly above 115.02.In case of a break below 107.02,wait for a correction to it then continue short with the pair. If there’s clear breakout above 115.02 with a big green candle, wait for a correction to it before you long USD.

Technical levels

Resistance levels

R1.112.63

R2.113.8

R3.115.6

Pivot

112.01

Support levels

S1.110.84

S2.110.21

S3.108.41

Trade signal

Remain short.

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Imelda Maseno
Analyst of «FreshForex» company
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