USDJPY – Down
Technical observation
On the 4 Hour chart above, USD/JPY declined steadily towards the key supportive zone 113.60-113.52, price could not penetrate below it and was rejected before moving up. Currently it is rallying on a decreasing bearish bias and I expect a loss of this momentum within the above mentioned zone to pick long position with my take profit at 114.53 and stop loss slightly below 113.52.Should there be a breakout above 114.53 with a big green candle, wait for a correction to it confirming a further rise in pri9ce before you continue long with this pair. Only long positions look ideal and can be recommended on the chart above.
Technical levels
Resistance levels
R1.113.93
R2.113.97
R3.114.06
Pivot
113.93
Support levels
S1.113.85
S2.113.81
S3.113.73
Trade signal
Buy USD/JPY within 113.60-113.52 with your take profit at 114.53 and stop loss slightly below 113.52.
Do you know against which currencies JPY is the most profitable?
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