Forex Technical Analysis: Trend potential – Buy USD/JPY around 109.60

USDJPY – Down

Buy USD/JPY around 109.60

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

FreshForex cancels commissions!

You may check other analytical reviews on FreshForex website. Source: freshforex.com.