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Wait for a correction to 112.53.

Wait for a correction to 112.53. | 21 September 2018

21 September 2018, USD/JPY

Wait for a correction to 112.53.

Technical observation

A clear breakout was seen recently when price went above the resistance 112.53 with a big green candle and is still rising. I expect a correction to the just broken line followed by a bounce at it for possible bullish momentum towards 113.18 and a possible breakout above it for a further rise in price. Wait for a the pullback to 112.53 and a rejection at it then long positions with your take profit at 113.18 and stop loss around 112.28.Should there be a breakout above 113,.18,wait for a correction to it confirming a further rise in USD before you continue long with the pair. Only long positions can be recommended on the chart above.

Technical levels

Resistance levels

R1.111.02

R2.112.03

R3.112.07

Pivot

111.107

Support levels

S1.111.97

S2.111.95

S3.111.91

Trade signal

Wait for a correction to 112.53.

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

Wait for a correction to 112.53.

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Imelda Maseno
Analyst of «FreshForex» company
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