Remain flat | 09 August 2018
09 August 2018, USD/JPY
Technical observation
Yesterday instead of moving up as predicted,USD/JPY broke below the support zone 111.23-110.93 and is currently moving on a bearish bias, I expect a correction to the just broken zone followed by a bounce at it for possible bearish momentum of price,Im looking to short USD on the second correction to the zone just to ensure it was not a false breakout. If the is a false breakout and price breaches above the mentioned zone, you can still long the pair within the zone with your ideal target at 113.62 and stop loss slightly below 110.93.You can remain flat now and wait for the retracement to 111.23-110.93.
Technical levels
Resistance levels
R1.111.74
R2.112.2
R3.112.98
Pivot
111.46
Support levels
S1.110.95
S2.110.64
S3.109.85
Trade signal
Remain flat.
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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.
