Remain flat | 11 October 2018
11 October 2018, USD/JPY
Technical observation
The pair on the 4 Hour chart above rallied intensely towards the support 112.72 breaking below it with a big red candle and is still on a bearish momentum. I expect either a decline towards 111.82 and a bounce at it followed by a correction to the line 112.72 for bearish momentum , or a rally towards 111.82 and a breakout below it followed by a correction to it for possible bearish movement of price towards 110.47.My take profit was hit at 112.72 and so I will wait for either of the possible situations mentioned above to pick short positions. Right now on this chart only short positions look ideal and can be advisable.
Technical levels
Resistance levels
R1.113.88
R2.113.92
R3.113.99
Pivot
113.91
Support levels
S1.113.81
S2.113.77
S3.113.69
Trade signal
Remain flat.
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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.
