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Short within 111.51-111.43

Short within 111.51-111.43 | 03 September 2018

03 September 2018, USD/JPY

Short within 111.51-111.43

Technical observation

On the 4Hour chart above, USD/JPY is pulling back to the resistance zone 111.51-111.43,I expect a rejection of price within it for possible bearish momentum towards the support 110.70 and a possible breach below 110.70 for a further decline in price towards 110.06.Wait for the pullback to 111.51-111.43 the short USD within it with your ideal target at 1110.70 and stop loss slightly above 111.51.After a breach below 110.70,wait for a correction to it before you continue short with the pair. Long positions may only be recommended after a rise above 111.51 with a big green candle followed by a correction to it.

Technical levels

Resistance levels

R1.111.07

R2.111.11

R3.111.23

Pivot

111

Support levels

S1.110.95

S2.110.88

S3.110.76

Trade signal

Short USD within 111.51-111.43 with your ideal target at 1110.70 and stop loss slightly above 111.51.

Do you know against which currencies JPY is the most profitable?

Short within 111.51-111.43

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Imelda Maseno
Analyst of «FreshForex» company
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