Forex Technical Analysis: Trend potential – Long within 109.01-108.78

USDJPY – Down

Technical observation

Yesterday, USD/JPY was declining towards a support zone 109.01-108.78 and it is moving towards it right now. I don’t expect a breakout below the zone but a rejection of price within It for bullish momentum towards 110.92 and a possible breakout above it for a further rise in price.Im looking to long the pair within the zone with my take profit at 110.92 and stop loss around 108.01.In case there’s a clear breakout below 108.78 with a big red candle, wait for a correction to it then short USD on the second retracement to it just to ensure it is not a false breakout. Right now only long positions can be recommended within 109.01-108.78.

Technical levels

Resistance levels

R1.109.83

R2.110.14

R3.110.84

Pivot

109.49

Support levels

S1.109.12

S2.108.72

S3.108.02

Trade signal

Long USD/JYP within 109.01-108.78 with your take profit at 110.92 and stop loss around 108.01.

101% Double the volume !Attention! All bonus participates in drawdown! More detailed…

FreshForex cancels commissions!

You may check other analytical reviews on FreshForex website. Source: freshforex.com.