Sell USD within 114.84-114.08 | 05 November 2018
05 November 2018, USD/JPY
Technical observation
USD/JPY is still retracing to the resistance zone 114.84-114.08 and I expect a rejection of it within it for possible bearish momentum towards 104.65 and a breakout below it for a further decline in price towards 91.94.Im looking to sell this pair within the above mentioned zone with my take profit at 104.6 and stop loss slightly above 114.84.Should there be a clear breakout above 114.84-114.08 with a big green candle, wait for a retracement to it before you pick long positions towards the key resistance line 123.18.As long as price is contained below 114.84-114.08, only short positions can be advisable towards the support 104.65.
Technical levels
Resistance levels
R1.113.8
R2.114.4
R3.116.01
Pivot
112.79
Support levels
S1.112.19
S2.111.18
S3.109.57
Trade signal
Sell USD within 114.84-114.08 with your take profit at 104.6 and stop loss slightly above 114.84.
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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.
