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Wait for a correction

Wait for a correction | 27 September 2018

27 September 2018, USD/JPY

Technical observation

USD/JPY rose up to the resistance line 113.16 but could not penetrate above it, I expect a correction to the zone 111.95-111.83 followed by a rejection within it to pick long positions with my take profit at 113.16 and stop loss slightly below 111.83, In case of a breakout above 113.16 with a big green candle, wait for a correction to it confirming further bullish momentum of price before you continue long with USD. Should there be a breach below 111.95-111.83 with a big red candle, wait for a correction to it confirming possible bearish movement of price before you pick short positions with your ideal target at the support 110.45.

Technical levels

Resistance levels

R1.112.78

R2.113.02

R3.113.4

Pivot

112.66

Support levels

S1.112.4

S2.112.26

S3.111.89

Trade signal

Wait for a correction to 111.95-111.83 to buy USD/JPY.

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Imelda Maseno
Analyst of «FreshForex» company
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