USDJPY – Down
Technical observation
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.
Technical levels
Resistance levels
R1.111.02
R2.111.29
R3.111.76
Pivot
110.81
Support levels
S1.110.54
S2.110.34
S3.109.86
Trade signal
Buy USD/JPY around 109.60 to with your take profit at 111.17 and stop loss around 108.92
You may check other analytical reviews on FreshForex website. Source: freshforex.com.