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Buy USD/JPY within 111.23-110.93

Buy USD/JPY within 111.23-110.93 | 07 August 2018

07 August 2018, USD/JPY

Buy USD/JPY within 111.23-110.93

Technical observation

On the daily chart above, USD/JPY is pulling back to the key support zone 111.23-110.93, unless the zone is clearly breached to the lower side with a big red candle, I expect a rise towards 113.62 and even a breakout. Long positions seem more ideal on the chart above and can be recommended while price is still above 111.23-110.93.I may consider short positions if 111.23-110.93 is broken towards 108.73 but as it is I hold onto bullish sentiment on this pair. I’m looking to buy USD/JPY within 111.23-110.93 with my take profit at the resistance 11362 and stop loss slightly below the line 110.93.

Technical levels

Resistance levels

R1.111.74

R2.112.2

R3.112.98

Pivot

111.42

Support levels

S1.110.95

S2.110.64

S3.109.85

Trade signal

Buy USD/JPY within 111.23-110.93 with your take profit at 11362 and stop loss slightly below 110.93.

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

Buy USD/JPY within 111.23-110.93

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Imelda Maseno
Analyst of «FreshForex» company
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