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Wait for a close at 114.14

Wait for a close at 114.14 | 01 October 2018

01 October 2018, USD/JPY

Technical observation

USD/JPY rose steadily towards the line114.14 and is currently rallying below it, I expect either a rejection of it at the lien followed by a correction to the zone 111.96-111.83 to re-buy USD, or a clear breakout above it followed by a retracement to it for possible bullish momentum. In case price is rejected at 114.14, wait for the correction to 111.96-111.83 to re-buy USD, and in case of a breakout above the line, wait for a retracement to it confirming bullish momentum of price before you pick long positions. Short term traders can pick short position at 114.14 after a rejection at it towards the line 111.96.

Technical levels

Resistance levels

R1.113.84

R2.113.98

R3.114.38

Pivot

113.57

Support levels

S1.113.43

S2.113.17

S3.112.76

Trade signal

Wait for a close at 114.14

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Imelda Maseno
Analyst of «FreshForex» company
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