06 августа 2018, USD/JPY
Technical observation
On the weekly chart above, price is rallying between a resistance zone 114.73-114.12 and a support 106.85, I expect a correction to 114.73-114.12 and a rejection of price within it for a possible bearish momentum of price towards 106.85, or a breakout above 114.73-114.12 followed by a correction to it for possible bullish movements of price. My advice, remain flat and wait for the correction to 114.73-114.12 and a rejection within it to short USD with your take profit at 106.85 and stop loss slightly above 114.73.In case of a break below 106.85,wiat for a correction to it before you continue short with the pair.
Technical levels
Resistance levels
R1.112.04
R2.112.81
R3.114.23
Pivot
111.39
Support levels
S1.110.62
S2.109/97
S3.108.55
Trade signal
Remain flat.
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