Forex Technical Analysis: Trend potential – Buy USD/JPY

USDJPY – Down

Buy USD/JPY

Technical observation

USD/JPY is on an upward trend, price retraced at a support zone 109.35-108.54 then went up. If you bought the pair last week I would advise you remain in the trade towards 113.97, if you had not bought it yet you can still long the pair right now around the zone with your take profit at 113.97 and stop loss around 106.76.I expect possible bullish momentum towards 113.97 and a breakout above it for a further rise in price towards 121.13.In case of a breakout below 108.54,wait for a correction to it and a rejection of price from it to confirm bearish movement of price before you enter short positions.

Technical levels

Resistance levels

R1.110.14

R2.110.74

R3.111.82

Pivot

109.67

Support levels

S1.109.06

S2.108.59

S3.107.52

Trade signal

Long USD/JPY with take profit at 113.97 and stop loss around 106.76.

101% Double the volume

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