Long USD/JPY now | 25 July 2018
25 July 2018, USD/JPY
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?
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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.
