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Remain flat temporarily.

Remain flat temporarily. | 12 December 2018

12 December 2018, USD/JPY

Remain flat temporarily.

Technical observation

USD/JPY is retracing to the support 113.23 and my expectation is a rejection of it at the line for possible bullish price rally towards the key resistance zone 113.76-113.70 and possible breakout above it for a further rise in price. Remain flat temporarily and wait for the pullback to 113.23 to pick long positions with your take profit at 113.70 and stop loss at 113.00.Should there be a clear breakout above the zone 113.76-113.70 with a big green candle, wait for a correction to it confirming possible further bullish momentum before you continue long. This pair on an upward trend so only long position may be advisable.

Trade recommendation

Remain flat temporarily.

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Imelda Maseno
Analyst of «FreshForex» company
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