Buy USD within 111.23-110.93 | 08 August 2018

08 August 2018, USD/JPY

Buy USD within 111.23-110.93

Technical observation

Yesterday USD/JPY retraced to the support zone 111.23-110.93, it tried to penetrate below the zone but was rejected and is currently moving up. I expect a rise in price towards the resistance line 113.62 followed by a breakout above it for a further rise in price, in case you sold the pair yesterday within the zone remain long with your ideal target at 113.62, if you had not sold it yet, you can still long USD within 111.23-110.93 with your take profit at 113.62 and stop loss slightly below 110.93.Short positions may only be recommended in case of a clear breach below 110.93 with a big red candle.

Technical levels

Resistance levels

R1.111.74

R2.112.2

R3.112.98

Pivot

111.44

Support levels

S1.110.95

S2.110.64

S3.109.85

Trade signal

Buy USD within 111.23-110.93 with your take profit at 113.62 and stop loss slightly below 110.93.Do you know against which currencies JPY is the most profitable?

Buy USD within 111.23-110.93

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Imelda Maseno
Analyst of «FreshForex» company
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