14 November 2018, USD/JPY
Technical observation
USD/JPY is on an upward trend with three retracements at the key supportive zone 112.04-111.76, price went up to the resistance line 114.53 but could not penetrate above it, was rejected and is still around it. My expectation is a correction to the above mentioned zone followed by a rejection within it for possible bullish momentum towards 114.53 and a possible break out above it for a further rise in price. I’m waiting for the correction to 112.04-111.76 to buy USD with my take profit at 114.53 and stop loss slightly below 111.76.As long as price remains above 112.04-111.76 only long positions look ideal and may be recommended.
Trade recommendation
Wait for a correction to 112.04-111.76 to buy USD with your take profit at 114.53 and stop loss slightly below 111.76.
Do you know against which currencies JPY is the most profitable?
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