USDJPY – Down
USD/JPY has been trading on an upward trend. Recently price broke above a resistance line 109.60 but it did not retrace to it.Price instead rose up towards a resistance line 111.17 but could not penetrate above it, it got rejected and is currently pulling back to 109.60, I expect a rejection of it from 109.60 for possible bullish momentum towards 111.17 and a breakout above it for a further rise in price towards 113.47.If price does not pull back to 109.60 and instead breaks above 111.17,wait for a correction to it then long USD with your take profit at 113.47.Only long positions look ideal on the chart above and can be recommended.
Buy USD/JPY around 109.60 to with your take profit at 111.17 and stop loss around 108.92
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