Remain flat | 13 August 2018

13 August 2018, USD/JPY

Technical observation

The pair on the daily chart above is trading between a key resistance zone 114.71-113.62 and support 107.12,I expect either a correction to 114.71-113.62 followed by a rejection within it for bearish momentum of price or a rally down towards 107.12 followed by a breakout below it and a correction to it for downwards movement of price. In case of a correction to 114.71-113.62,short USD within it after a rejection of price with your take profit at 107.12,and in case there’s a breakout below 107.12,wait for a correction to it before you enter short positions with your ideal target at 100.59.Right now remain flat.

Technical levels

Resistance levels

R1.111.47

R2.112.01

R3.113.03

Pivot

110.99

Support levels

S1.110.46

S2.109.98

S3.108.96

Trade signal

Remain flat.

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Imelda Maseno
Analyst of «FreshForex» company
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