Forex Technical Analysis: Trend potential – Buy USD/JPY around 109.05

USDJPY – Down

Technical observation

USD/JPY is on an upward trend, price retraced at a support line 109.05 recently then went up before retracing to it again. Currently price is pulling back to the same support and I expect a rejection of it from the line for possible bullish movement of price towards the resistance line 111.29.If price breaks above 111.29,I will continue long with USD/JPY after a correction to it with my ideal target at 114.34.Right now wait for the correction to 109.05 to buy USD/JPY with your take profit at 111.29 and stop loss around 108.31.On the daily chart above only long positions look ideal and can be recommended towards 111.29.

Technical levels

Resistance levels

R1.109.64

R2.110.1

R3.110.92

Pivot

109.30

Support levels

S1.108.82

S2.108.47

S3.107.65

Trade signal

Wait for a correction to 109.05 to buy USD/JPY.

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