13 Tháng mười hai 2018, USD/JPY
Technical observation
The pair on the 4 hour chart above is rallying on bullish momentum. Price broke above a resistance zone 113.20-113.12 before rallying up then retraced to it but could not penetrate below it and was rejected. Right now it is rising towards the resistance 114.03 and I expect another retracement to the above mentioned zone followed by a bounce within it to pick long position with my take profit at 114.03 and stop loss at 112.83.If you are long already, remain in the trade with your ideal target at 114.03, should there be a clear penetration above 114.03 with a big green candle, wait for a correction to it before you continue long with USD.
Trade recommendation
Remain long with your take profit at 114.03 and stop loss at 112.83.
Do you know against which currencies JPY is the most profitable?
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