Remain flat | 16 July 2018

16 July 2018, USD/JPY

Remain flat

Technical observation

USD/JPY is pulling back towards the resistance zone 114.79-114.12,I expect a rejection of it within the zone for possible bearish momentum towards 108.76 and a possible breakout below it for a further decline in price towards 104.67 or even lower to 100.59.You can remain flat right now and wait for the pull back to 114.79-114.12 then short the pair within the zone with your first take profit at 108.76 and the next at 104.67 and stop loss slightly above 114.79.In case price is not rejected within 114.79-114.12 and breaks above it.Wait for a correction to it to confirm bullish movement s of price before you long USD.

Technical levels

Resistance levels

R1.113.33

R2.114.31

R3.116.79

Pivot

111.82

Support levels

S1.110.84

S2.109.34

S3.106.85

Trade signal

Remain flat

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Remain flat

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Imelda Maseno
Analyst of «FreshForex» company
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