Forex Technical Analysis: Trend potential – Long USD/JPY around 109.04

USDJPY – Down

Long USD/JPY around 109.04

Technical observation

After the rejection from the resistance line 111.17, USD/JPY is declining steadily towards 109.04.Price is correcting to 109.04 and I expect a rejection of it from 109.04 for bullish momentum towards 111.17, I would advise you buy the pair after a close at it with your take profit at 111.17 and stop loss around 108.27.In case of a breakout below 109.04, wait for correction to it then short USD on the second one to it just to confirm the breakout is not false. Right now I’m looking to buy USD/JPY after the correction and rejection of price at 109.04.Long positions look ideal and can be recommended.

Technical levels

Resistance levels

R1.111.02

R2.111.29

R3.111.76

Pivot

110.84

Support levels

S1.110.54

S2.110.34

S3.109.86

Trade signal

Wait for a correction and a rejection of price at 109.04 to buy the pair with your take profit at 111.17 and stop loss around 108.27.

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