23 ноября 2018, USD/JPY
Technical observation
USD/JPY established a key support zone around 111.84-111.63. Currently price is rallying on a bearish momentum towards the zone and as long as it is contained above it only bullish movements of USD can be expected. My expectation is a rejection within the zone for possible bullish momentum towards 114.52 and a possible breakout above it for a further rise in price. My advice, wait for the correction to 111.84-111.63 then pick long positions within it with your take profit at 114.52 and stop loss at 110.51.Short positions may only be recommended in case of a clear penetration below 111.63 with a big red candle.
Trade recommendation
Buy USD/JPY within 111.84-111.63 with your take profit at 114.52 and stop loss at 110.51.
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