Wait for a correction to re-buy USD. | 03 December 2018

Technical observation

After breaking above a resistance zone 111.74-111.39, USD/JPY established a key supportive zone with several retracements to it.Currently price is rallying above the zone and I expect a correction to it followed by a rejection within it for bullish price rally towards 114.52 and a possible breakout above it for a further rise in price. My advice, wait for a correction to 111.74-111.39 and a rejection within it to buy USD and should there be no correction to the above mentioned zone but a clear breakout above 114.52, wait for a correction to it confirming possible further bullish momentum of price before you continue long with this pair.

Trade recommendation

Wait for a correction to 111.74-111.39 to buy USD.

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