Control zones USD/JPY Nov 11, 2019

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Today, the pair is testing the first support zone of the WCZ 1/4 108.99-108.94. The formation of the “absorption” pattern will allow you to enter the purchase. The growth target will be the weekly CZ 110.15-109.94. The ratio of risk to the profit of this transaction will be much higher than 1/3, so the purchase should be considered as the main transaction.

The correction may continue if the closing of today’s Asian session occurs below the WCZ 1/4. The next support zone will be the WCZ 1/2 108.48-108.38. The test of the specified zone will give the opportunity to enter the purchase at the most favorable prices. This model can be taken as a basis in the coming days. The ratio of stop loss to take profit when buying from WCZ 1/2 will be 1 to 8, which makes this transaction extremely profitable. The cancellation of the upward movement will occur if the pair consolidates below the level of 108.38 in one of the US sessions.

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Daily CZ – daily control zone. An area formed by important data from the futures market that changes several times a year.

Weekly CZ – weekly control zone. The zone formed by the important marks of the futures market, which change several times a year.

Monthly CZ – monthly control zone. An area that reflects the average volatility over the past year.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Control zones USDJPY 11/11/19

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