Remain flat temporarily. | 11 July 2018
11 July 2018, USD/JPY
Technical observation
Yesterday price was within the resistance zone 111.11-110.93.I expected a rejection of price within it followed by bearish movement of price but the pair did not go down. Currently it is still within the zone and I expect either a clear breakout above it with a big green candle or a rejection of price within the zone followed by a bearish momentum towards 109.03.My advice, remain flat temporarily and wait for either to trade the pair. The lines to look out for on your way downwards are; 109.03 and 107.03, and the lines to look out for on your way upwards are 112.9 and the resistance 113.60.
Technical levels
Resistance levels
R1.110.97
R2.111.35
R3.111.96
Pivot
110.76
Support levels
S1.110.35
S2.110.12
S3.109.51
Trade signal
Remain flat temporarily.
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The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
