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Short USD/JPY within 111.32-111.30.

Short USD/JPY within 111.32-111.30. | 28 Agosto 2018

28 Agosto 2018, USD/JPY

Technical observation

The pair on the hourly chart has been trading on a downward trend, recently price rose steadily towards the resistance zone 111.32-111.30 and is currently within it, I expect a rejection of it within the zone for possible bearish momentum towards the support 111.00 and a possible breach below it for a further decline in price towards 110.78.Short the pair within the zone with your first take profit at 111.00 and the next at 110.78 and your stop loss slightly above 111.32.In case of a breach above 111.32,wait for a confirmation of possible bullish movement of price before you enter long positions.

Technical levels

Resistance levels

R1.111.27

R2.111.3

R3.111.39

Pivot

111.22

Support levels

S1.111.19

S2.111.14

S3.111.06

Trade signal

Short USD/JPY within 111.32-111.30.

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Imelda Maseno
Analyst of «FreshForex» company
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