Remain flat | 09 August 2018

09 August 2018, USD/JPY

Remain flat

Technical observation

Yesterday instead of moving up as predicted,USD/JPY broke below the support zone 111.23-110.93 and is currently moving on a bearish bias, I expect a correction to the just broken zone followed by a bounce at it for possible bearish momentum of price,Im looking to short USD on the second correction to the zone just to ensure it was not a false breakout. If the is a false breakout and price breaches above the mentioned zone, you can still long the pair within the zone with your ideal target at 113.62 and stop loss slightly below 110.93.You can remain flat now and wait for the retracement to 111.23-110.93.

Technical levels

Resistance levels

R1.111.74

R2.112.2

R3.112.98

Pivot

111.46

Support levels

S1.110.95

S2.110.64

S3.109.85

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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