Remain flat temporarily. | 15 October 2018

15 October 2018, USD/JPY

Remain flat temporarily.

Technical observation

On the 4 Hour chart above, USD/JPY is currently rallying between a key resistance line 112.70 and a key supportive zone 111.82-111.74, I expect either a rise to 112.70 and a rejection at it for possible bearish momentum towards 111.82, or a decline to 111.82-111.74 and a breakout below it followed by a correction to it for possible downwards movement of price towards 110.47.Only short positions look ideal and can be recommended on the chart above. Long positions may only be advisable should there be a clear breakout above 112.70 followed by a correction to it confirming possible bullish momentum of price.

Technical levels

Resistance levels

R1.112.12

R2.112.18

R3.112.28

Pivot

112.08

Support levels

S1.112.02

S2.111.97

S3.111.87

Trade signal

Remain flat temporarily.

Do you know against which currencies JPY is the most profitable?

Remain flat temporarily.

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Imelda Maseno
Analyst of «FreshForex» company
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