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Wait for a pullback to 113.23-113.14

Wait for a pullback to 113.23-113.14 | 11 December 2018

11 December 2018, USD/JPY

Wait for a pullback to 113.23-113.14

Technical observation

USD/JPY rose steadily towards the key resistance zone 113.23-113.14 my expectation was a rejection of price within the zone but it penetrated clearly above it with a big green candle, it could not be contained above the zone and a so another breakout was seen below it with a big red candle. Currently price is still moving on an increasing bearish momentum and my expectation is pullback to the just broken zone and a rejection within it to pick short positions with my take profit at 112.30 and stop loss at 113.49.Long positions may only be recommended above 113.23-113.14 should there a clear breakout above it and a correction to it.

Trade recommendation

Wait for a pullback to 113.23-113.14 to sell USD/JPY with your take profit at 112.30 and stop loss at 113.49.

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Imelda Maseno
Analyst of «FreshForex» company
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