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Buy within 111.51-111.43

Buy within 111.51-111.43 | 05 September 2018

05 September 2018, USD/JPY

Buy within 111.51-111.43

Technical observation

A breakout was seen on the previous hour when the bulls broke above the resistance zone 111.51-111.43 with a big green candle and currently it is still above the mentioned zone pulling back to it.I expect a correction to it followed by a rejection of price at it for possible bullish movement of USD towards the resistance line 112.15 and a possible breach above it too for a further rise in price. Long the pair on the second correction to the zone just to ensure it is not a false breakout. Continue long with the pair after a breakout above 112.15 and a correction to it.Only long position look ideal and can be advisable on then chart above.

Technical levels

Resistance levels

R1.111.07

R2.111.11

R3.111.23

Pivot

111.04

Support levels

S1.110.95

S2.110.88

S3.110.76

Trade signal

Buy USD/JPY after the second correction to 111.51-111.43.

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

Buy within 111.51-111.43

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Imelda Maseno
Analyst of «FreshForex» company
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