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Bulls are charged

Bulls are charged | 01 August 2018

01 August 2018, USD/JPY

Bulls are charged

Technical observation

After breaking above key resistance zone 111.23-110.93, price rallied up towards 113.62 before correcting steadily to the just broken zone, it could not penetrate below it and was rejected before it went up. If you bought the pair within the zone after a rejection at it remain long with your target at the resistance 113.62.If you had not bought the pair yet, you can wait for the next retracement to the zone then long USD within it with your take profit at 113.62 and stop loss around 110.13 after a rejection at it.Only long positions look ideal and can be recommended on the daily chart above towards 113.62.

Technical levels

Resistance levels

R1.112.24

R2.112.71

R3.113.93

Pivot

114.49

Support levels

S1.111.02

S2.110.27

S3.109.05

Trade signal

Remain long.

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Bulls are charged

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Imelda Maseno
Analyst of «FreshForex» company
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