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Wait for a correction to 110.68

Wait for a correction to 110.68 | 07 September 2018

07 September 2018, USD/JPY

Wait for a correction to 110.68

Technical observation

USD/JPY did not pullback to the resistance zone 111.82-111.73 as predicted, instead, price rallied down towards 110.68 and clearly broke below it, right now price is rallying below the just broken zone and I expect a correction to it followed by a rejection of price at or around it for possible bearish momentum towards 109.85 and possible breakout below it for a further decline in price. Wait for the correction of price to 110.68 and a rejection at it then short the pair on the 4Hour chart above around or at it with your take profit at 109.85 and stop loss slightly around 110.94.Only short positions can be advisable.

Technical levels

Resistance levels

R1.111.07

R2.111.11

R3.111.23

Pivot

111.08

Support levels

S1.110.95

S2.110.88

S3.110.76

Trade signal

Wait for a correction to 110.68 to sell USD/JPY.

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Wait for a correction to 110.68

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Imelda Maseno
Analyst of «FreshForex» company
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