Forex Technical Analysis: Trend potential – Buy USD/JPY now

USDJPY – Down

Buy USD/JPY now

Technical observation

Yesterday, USDJYP retraced to a support line 109.05,it was rejected and so could not penetrate below it.Right now price is rising towards 111.29 and I expect a breakout above it for a further rise in price towards the resistance line114.34.Im looking to buy USD/JPY now with my take profit at 111.29 and stop loss around 108.27.In case price breaches above 111.29,continue long with USD towards 114.34.Short positions can only be recommended in case price breaks below 109.05 with a big candle and is corrected to it ,then you can short USD /JPY on the second correction just to confirm the breakout is not false.

Technical levels

Resistance levels

R1.109.64

R2.110.1

R3.110.92

Pivot

109.32

Support levels

S1.108.82

S2.108.47

S3.107.65

Trade signal

Buy USD/JPY now with your take profit at 111.29 and stop loss around 108.27.

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