USDJPY – Down
Technical observation
USD/JPY is declining steadily towards the support 112.69-112.60 and my expectation is a rejection of it within the above mentioned zone for possible bullish momentum towards 113.38 and a possible breakout above it for a further rise in price towards the highest resistance 114.54.Im looking to buy USD within the 112.69-112.60 with my take profit at 113.38 and stop loss slightly below 112.60.Short positions may only be recommended below 112.60 in case of a clear penetration below it with a big red candle and a correction to it more than once. Right now only long positions look ideal and can be advisable within 112.69-112.60.
Technical levels
Resistance levels
R1.112.02
R2.112.07
R3.112.18
Pivot
111.102
Support levels
S1.111.91
S2.111.84
S3.111.73
Trade signal
Buy USD within 112.69-112.60 with my take profit at 113.38 and stop loss slightly below 112.60.
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