Wait | 16 November 2018
16 November 2018, USD/JPY
Technical observation
On the hourly chart above price went down towards 113.05 but could not penetrate below it then retraced to 113.65-113.62 and was rejected within the zone before rallying down. Right now it is moving towards the above mentioned zone and I expect nothing but a rejection within it for possible bearish momentum of USD towards 113.05 and a possible break below it for a further decline in price towards 112.62. I’m looking to sell this pair within t113.65-113.62 after a correction and a rejection within it with my take profit at 113.05 and stop loss slightly above 113.65.Only short position can be advisable on the chart above.
Trade recommendation
Wait for a correction to 113.65-113.62 to sell USD/JPY.
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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.
