USDJPY – Down
Technical observation
USD/JPY rose towards the resistance 112.53 and broke above it with a big green candle before correcting to it. I expect a rejection of it at the line followed by a rise towards the resistance 113.16.You can buy this pair now at the line 112.53 with your take profit at 113.16 and stop loss around 112.29.Should there be a clear breakout above 113.16, wait for a correction to it to confirm further bullish momentum of price before you continue long with USD. Short positions may only be advisable in case of a clear breakout below 112.53 with a big red candle followed by a correction to it. Right now buy USD/JPY.
Technical levels
Resistance levels
R1.112.62
R2.112.64
R3. 112.69
Pivot
112.59
Support levels
S1.112.57
S2.112.54
S3.112.49
Trade signal
Buy USD/JPY now with your take profit at 113.16 and stop loss around 112.29.
Do you know against which currencies JPY is the most profitable?
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