USDJPY – Down
Technical observation
USD/JPY is rallying above a supportive zone 111.37-111.34, I expect a correction to the zone followed by a rejection of price within it for possible bullish movement towards 111.72 and a possible breakout above 111.72 for a further rise in USD. Wait for the correction to 111.37-111.34 then long the pair on the hourly chart above within the zone with your take profit at 111.72 and stop loss slightly below 111.34.Continue long with the pair after a breakout above111.72 followed by a correction to it. Short positions can only be advisable in case of a clear breakout below the zone with a big red candle and a correction to it.
Technical levels
Resistance levels
R1.111.04
R2.111.08
R3.111.15
Pivot
111
Support levels
S1.110.97
S2.110.92
S3.110.84
Trade signal
Buy USD/JPY within 111.37-111.34 with your take profit at 111.72 and stop loss slightly below 111.34.
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