Remain flat temporarily. | 06 July 2018

06 July 2018, USD/JPY

Remain flat temporarily.

Technical observation

Yesterday instead of moving down, USD pulled back towards 111.21-110.92 and currently is still rising towards the zone, I expect a rejection of it within the zone for bearish movements of price or a breach above the zone with a big green candle followed by a correction to it for bullish momentum of price. Remain flat temporarily and wait for either a rejection of price within the zone to short USD towards 109.03 or a breakout above 111.21 followed by a correction to it to long USD on the second retracement to the zone ,to ensure it is not a false breakout ,with your ideal target at 113.59 and stop loss slightly below 110.92.

Technical levels

Resistance levels

R1.110.07

R2.110.4

R3.111.08

Pivot

109.76

Support levels

S1.109.39

S2.109.04

S3.108.36

Trade signal

Remain flat temporarily.

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Imelda Maseno
Analyst of «FreshForex» company
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