Wait for a breakout below 112.67 to sell USD. | 06 December 2018

06 December 2018, USD/JPY

Wait for a breakout below 112.67 to sell USD.

Technical observation

USD/JPY is rallying around a support level 112.67 and I expect nothing but a clear penetration below the line with a big red candle followed by a pullback to it for possible bearish price rally towards 112.29 and a penetration below it too for further decline in price.If you sold this pair yesterday within the reistnace zone 113.23-113.18 you can pick your proifts now at 112.67, but in case you were not short, you can wait for a breach below 112.67 and a correction to it to sell USD with your take profit at 112.29 and stop loss at 112.84.The pair on the hourly chart above is pretty much bearish and so only short positions may be recommended.

Trade recommendation

Wait for breakout below 112.67 to sell USD.

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Imelda Maseno
Analyst of «FreshForex» company
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