USDJPY – Down
Technical observation
USDJPY after breaking out above the resistance line 109.43 could not rise up further and is currently pulling back to it.I expect a rejection of it from the line for possible bullish momentum towards the resistance line 111.29 and a possible breakout above 111.29 for a further rise in price towards 1114.34.I would advise you wait for a correction to 109.43 and a rejection of price at it then buy USD with your take profit at 111.29 and stop loss around 108.54.In case of a breakout above 111.29 you can still rebuy USD after a correction to it towards 114.34.Right now only long positions look ideal and can be recommended.
Technical levels
Resistance levels
R1.109.41
R2.109.77
R3.110.36
Pivot
109.22
Support levels
S1.108.82
S2.108.59
S3. 108
Trade signal
Wait for the correction 109.43 then buy USD on the second correction to it with your take profit at 111.29 and stop loss around 108.54.
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