Wait for a correction to 113.60-113.52 | 04 October 2018
04 October 2018, USD/JPY
Technical observation
After a breach above a resistance zone113.60-113.52,USD/JPY corrected to it twice before rallying up towards a resistance 114.53, right now price is pulling back to the 113.60-113.52 and I expect a rejection of it within the zone for possible bullish momentum. My advice, wait for a correction to 113.60-113.52 then pick long positions within it with your take profit at 114.53 and stop loss slightly below 113.52.In case of a breach above 114.53 with a big green candle, wait for a correction to it confirming further rise in price before you continue long with the pair. Only long positions can be recommended on the chart above.
Technical levels
Resistance levels
R1.113.93
R2.113.97
R3.114.06
Pivot
113.91
Support levels
S1.113.85
S2.113.81
S3.113.73
Trade signal
Wait for a correction to 113.60-113.52 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.
