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Wait for a correction to 111.79-111.72

Wait for a correction to 111.79-111.72 | 14 September 2018

14 September 2018, USD/JPY

Wait for a correction to 111.79-111.72

Technical observation

The pair on the 4hour chart above broke above a resistance zone 111.79-111.72 with a big green candle before rallying up. Currently price is correcting to the just broken zone and I expect nothing but a rejection of it within the zone for possible bullish momentum towards the resistance 112.53.Wait for the correction to 111.79-111.72 and a rejection at it then pick long position within it with your take profit at 112.53 and stop loss around 111.39.Should there be a breakout above 112.53, wait for a correction to it confirming a further rise in price before you continue long with the pair .

Technical levels

Resistance levels

R1.111.04

R2.111.08

R3.111.15

Pivot

111

Support levels

S1.110.97

S2.110.92

S3.110.84

Trade signal

Wait for a correction to 111.79-111.72 to buy USD.

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Wait for a correction to 111.79-111.72

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Imelda Maseno
Analyst of «FreshForex» company
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