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Wait for a clear buy signal around 111.35

Wait for a clear buy signal around 111.35 | 22 September 2017

22 September 2017, USD/JPY

Wait for a clear buy signal around 111.35
Technical Observation:
Instead of just a slight retracement to the lower side, Usd retraced much lower than expected and even took out my stop loss that was set below 112.10. Usd could plummet even further towards 111.35 to give a buy trade. As it is, Usd is still bullish and only buy positions can be recommended especially above 111.32. On the way upwards key lines to look for include 112.65, 112.96, and 113.36. A breakout above these lines will push the price upwards towards the daily resistance line 118.00.
Resistance levels
R1: 112.91
R2: 113.45
R3: 114.9
Pivot
112
Support Levels
S1: 109.09
S2: 110.54
S3: 111.46
Trade Signal
Wait for a clear buy signal around 111.35 to buy usdjpy towards 118.00

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Imelda Maseno
Analyst of «FreshForex» company
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