Wait for a correction to 113.17-113.13 to sell USD | 05 December 2018

Technical observation

USD/JPY is correcting to the resistance zone 113.17-113.13 and my expectation is a bounce within it for possible bearish momentum towards the key supportive level 112.66 followed by a clear breakout below it for a further decline in price towards the lowest support 112.29.My advice, wait for the correction to 113.17-113.13 and a rejection within it to sell USD with your take profit at 112.66 and stop loss at 113.32.As long as price is contained below the zone 113.17-113.13,only short positions may be recommended for the pair but should there be a clear breach above 113.17-113.13 then long positions will be anticipated towards 113.65.

Trade recommendation

Wait for a correction to 113.17-113.13 to sell USD with your take profit at 112.66 and stop loss at 113.32.

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