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Wait for a correction to 113.60-113.52

Wait for a correction to 113.60-113.52 | 04 October 2018

04 October 2018, USD/JPY

Wait for a correction to 113.60-113.52

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.

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

Wait for a correction to 113.60-113.52

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Imelda Maseno
Analyst of «FreshForex» company
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