19 July 2018, USD/JPY
Technical observation
USD/JPY went down yesterday and is still rallying down towards 111.27-111.07.I expect a rejection of it within the zone followed by bullish momentum towards 114.12 and a breakout above it for a further rise in USD.You can remain flat right now and wait for the correction to 111.27-111.07 then long the pair on the chart above within the zone with your ideal target at 114.12 and stop loss slightly below 111.07.In case of a breach above 114.12,wait for a correction to it before you continue long with USD.Short positions may only be recommended in case there’s a clear breach below 111.27-111.07 with a big red candle.
Technical levels
Resistance levels
R1.112.67
R2.113
R3.113.52
Pivot
112.51
Support levels
S1.112.15
S2.111.95
S3.111.42
Trade signal
Remain flat
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