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Remain flat

11 October 2018, USD/JPY

Remain flat

Technical observation

The pair on the 4 Hour chart above rallied intensely towards the support 112.72 breaking below it with a big red candle and is still on a bearish momentum. I expect either a decline towards 111.82 and a bounce at it followed by a correction to the line 112.72 for bearish momentum , or a rally towards 111.82 and a breakout below it followed by a correction to it for possible bearish movement of price towards 110.47.My take profit was hit at 112.72 and so I will wait for either of the possible situations mentioned above to pick short positions. Right now on this chart only short positions look ideal and can be advisable.

Technical levels

Resistance levels

R1.113.88

R2.113.92

R3.113.99

Pivot

113.91

Support levels

S1.113.81

S2.113.77

S3.113.69

Trade signal

Remain flat.

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

Remain flat

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Imelda Maseno
Analyst of «FreshForex» company
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