Remain flat temporarily. | 15 October 2018
15 October 2018, USD/JPY
Technical observation
On the 4 Hour chart above, USD/JPY is currently rallying between a key resistance line 112.70 and a key supportive zone 111.82-111.74, I expect either a rise to 112.70 and a rejection at it for possible bearish momentum towards 111.82, or a decline to 111.82-111.74 and a breakout below it followed by a correction to it for possible downwards movement of price towards 110.47.Only short positions look ideal and can be recommended on the chart above. Long positions may only be advisable should there be a clear breakout above 112.70 followed by a correction to it confirming possible bullish momentum of price.
Technical levels
Resistance levels
R1.112.12
R2.112.18
R3.112.28
Pivot
112.08
Support levels
S1.112.02
S2.111.97
S3.111.87
Trade signal
Remain flat temporarily.
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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.
