01 August 2018, USD/JPY
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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