We're long | 24 October 2018

24 October 2018, USD/JPY

We're long

Technical observation

USD established a daily support zone around 111.82-111.41 and for days now it has been stagnating above this zone with no clear indications of breaking below it. Yesterday price pulled to the above mentioned zone but could not penetrate below it and while it is contained above this zone, I believe USD is still within the buyers reach. If you picked long positions yesterday within111.82-111.41, remain long but have your take profit at 114.51.If this take profit is taken then I believe price will continue long .In case you are not in a trade yet, wait for another retracement to 111.82-111.41 then buy USD within it with your ideal target at 114.51.

Technical levels

Resistance levels

R1.112.67

R2.112.82

R3.113.13

Pivot

112.55

Support levels

S1.112.36

S2.112.2

S3.111.89

Trade signal

Remain long

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

We're long

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Imelda Maseno
Analyst of «FreshForex» company
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