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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The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
