USDJPY – Down
Technical Observation:
Even after a tremendous decline in price, USD is still above 108.62. This is a potential weekly buy line and unless it is breached to the lower side with a big red candle, I expect a rise in price. My advise is to wait for a clear buy signal around 108.62, then Buy Usd with your take profit at 114.64. On the way upwards, the key lines to look for include 111.10, 113.00 and 114.64. If the price breaks below 108.62, then I expect a decline towards 104.45 or even lower.
Technical Levels
Resistance levels
R1: 110.97
R2: 111.76
R3: 113.84
Pivot
109.70
Support Levels
S1: 105.54
S2: 107.62
S3: 108.89
Trade Signal
Buy Usd around 108.62 towards 114.64
You may check other analytical reviews on FreshForex website. Source: freshforex.com.