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Wait for a correction to 111.51-111.43

Wait for a correction to 111.51-111.43 | 30 Agosto 2018

30 Agosto 2018, USD/JPY

Wait for a correction to 111.51-111.43

Technical observation

USD/JPY broke above a resistance zone 111.51-111.43 with a big green candle and is still above it, I expect a correction to the just broken zone followed by a rejection of it within the zone for possible bullish movements of USD towards 112.15.In case of a breakout above 112.15,wait for a correction to it before you continue long with USD.Right now wait for a retracement to 111.51-111.43 then long the pair on the 4 Hour chart above within it on the second retracement to it just to ensure it is not a false a breakout. Only long positions look ideal and can be recommended on the 4Hour chart above.

Technical levels

Resistance levels

R1.111.27

R2.111.3

R3.111.39

Pivot

111.26

Support levels

S1.111.19

S2.111.14

S3.111.06

Trade signal

Wait for a correction to 111.51-111.43 to buy USD.

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

Wait for a correction to 111.51-111.43

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Imelda Maseno
Analyst of «FreshForex» company
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