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Buy USD/JPY within 113.60-113.52

Buy USD/JPY within 113.60-113.52 | 05 October 2018

05 October 2018, USD/JPY

Buy USD/JPY within 113.60-113.52

Technical observation

On the 4 Hour chart above, USD/JPY declined steadily towards the key supportive zone 113.60-113.52, price could not penetrate below it and was rejected before moving up. Currently it is rallying on a decreasing bearish bias and I expect a loss of this momentum within the above mentioned zone to pick long position with my take profit at 114.53 and stop loss slightly below 113.52.Should there be a breakout above 114.53 with a big green candle, wait for a correction to it confirming a further rise in pri9ce before you continue long with this pair. Only long positions look ideal and can be recommended on the chart above.

Technical levels

Resistance levels

R1.113.93

R2.113.97

R3.114.06

Pivot

113.93

Support levels

S1.113.85

S2.113.81

S3.113.73

Trade signal

Buy USD/JPY within 113.60-113.52 with your take profit at 114.53 and stop loss slightly below 113.52.

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

Buy USD/JPY within 113.60-113.52

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Imelda Maseno
Analyst of «FreshForex» company
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