Forex Technical Analysis: Trend potential – Buy USDJPY around 107.68-107.30

USDJPY – Down

Buy USDJPY around 107.68-107.30

Technical observation

Recently USDJPY broke above a resistance zone 107.68-107.30 with a big green candle and is pretty much above it.Right now USD is showing signs of pulling back to the zone and I expect a rejection of it within the zone for bullish movement of price towards the resistance line 114.34 and a breakout above it for a further rise in price. I would advise you buy USD within the zone with your take profit at 114.34 and stop loss around 104.70.Remain long with USD after a breakout above 114.34 and a correction to it.Short positions can only be advised in case of a clear breakout below 107.68-107.30 with a big red candle.

Technical levels

Resistance levels

R1.109.86

R2.110.65

R3.112.04

Pivot

109.25

Support levels

S1.108.47

S2.107.86

S3.106.47

Trade signal

Buy USD after the second correction to 107.68-107.30 with your take profit at 114.34 and stop loss around 104.70.

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