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.
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