09 October 2018, USD/JPY
Technical observation
The pair on the 4Hour chart above went down below a supportive zone 113.60-113.52 with a big red candle, price pulled back to the just broken zone but could not penetrate above it and was rejected. Right now it is retracing to the zone and I expect nothing but a rejection within it for bearish momentum towards 112.72 and a possible breach below this line for a further decline in price towards 111.82.My advice, wait for a correction to 113.60-113.52 to pick short positions with your take profit at 112.72 and stop loss around 113.94.As long as price is contained below 113.60-113.52,only short positions can be advisable.
Technical levels
Resistance levels
R1.113.88
R2.113.92
R3.113.99
Pivot
113.87
Support levels
S1.113.81
S2.113.77
S3.113.69
Trade signal
Wait for a correction to 113.60-113.52 to sell USD/JPY.
Do you know against which currencies JPY is the most profitable?More trading assets here...