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Wait for a correction

Wait for a correction | 26 September 2018

26 September 2018, USD/JPY

Technical observation

After days of rising steadily towards the line 114.14, USD/JPY could not reach it and is currently pulling back to the key support zone 111.76-111.53 for the second time, I expect a rejection of it within the zone followed by possible bullish momentum towards 114.53 and a possible breach above it for a further rise in price. Should there be a clear breach below this zone with a big red candle, wait for a correction to it confirming possible bearish momentum of USD before you pick short positions within it towards the supportive line 108.76.Right now only long positions can be recommended within 111.76-111.53.

Technical levels

Resistance levels

R1.112.78

R2.113.02

R3.113.4

Pivot

112.66

Support levels

S1.112.4

S2.112.26

S3.111.89

Trade signal

Wait for a correction to 111.76-111.53 to buy USD/JPY.

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Imelda Maseno
Analyst of «FreshForex» company
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