03 октября 2018, USD/JPY
Technical observation
On the hourly chart above, price broke below a supportive zone 113.86-113.83 then retraced to it more than once. Price pulled back to the zone recently but could not penetrate above it and was rejected USD is now moving on a bearish bias towards the support 113.35.I expect a breach below the key line followed by a surge to the lower side towards 113.03 or even further below to 112.59.I picked short position within 113.86-113.83 and I am holding on to it with my ideal target at 113.35 and stop loss slightly above 113.86.Only short positions look ideal and can be recommended on the hourly chart above.
Technical levels
Resistance levels
R1.113.93
R2.113.97
R3.114.06
Pivot
113.89
Support levels
S1.113.85
S2.113.81
S3.113.73
Trade signal
Remain short.
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