Long USD/JPY now | 25 July 2018

25 July 2018, USD/JPY

Long USD/JPY now

Technical observation

Yesterday on the daily chart above, USD/JPY retraced to the support zone 111.23-110.93, it could not penetrate below it and was rejected. Right now it is showing signs of rising and I expect possible bullish momentum towards the resistance 113.62 and a breakout above it for a further rise in price. I’m looking to long the pair right now within 111.23-110.93 with my ideal target at 113.62 and stop loss slightly below 110.93.In case of a break above 113.62, wait for a correction to it then continue long with USD. If there’s a clear breach below 110.93 with a big red candle, wait for a correction to it before you enter short positions

Technical levels

Resistance levels

R1.111.06

R2.111.19

R3.111.43

Pivot

110.98

Support levels

S1.110.83

S2.110.72

S3.110.49

Trade signal

Long USD/JPY right now within 111.23-110.93 with your take profit at 113.62 and stop loss slightly below 110.93.

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

Long USD/JPY now

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Imelda Maseno
Analyst of «FreshForex» company
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