Wait for a correction | 08 November 2018
08 November 2018, USD/JPY
Technical observation
USD/JPY is still rising towards the resistance line 114.53 and I expect a bounce at it followed by a retracement to the key supportive zone 112.00-111.76.I expect a rejection of price within the just mentioned zone followed by possible bullish momentum towards 114.53 and a possible break above it for further bullish momentum of USD, I bought this pair within 112.00-111.76 and right now I’m looking to pick my profits at 114.53.If you had not bought this pair yet, my advice, wait for a correction to the above mentioned zone then pick long positions within it with your take profit at 114.53 and stop loss slightly below 111.76.
Trade recommendation
Wait for a correction to 112.00-111.76 to re-buy USD.
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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.
