Forex Technical Analysis: Trend potential – Long within 109.04-108.76

USDJPY – Down

Long within 109.04-108.76

Technical observation

The pair on the daily chart above is on a upward movement, price retraced at a support zone 109.04-108.76 before rallying up towards a resistance zone 111.06.Price could not penetrate above it and was rejected then retraced to the zone. I expect a rise in price towards 111.06 and a breakout above it for a further rise in price towards 114.03.I would advise you buy the pair within the zone with your target at 111.06 and your stop loss around 107.89.You can place a pending trade now or wait and buy within 109.04-108.76.Only sell if there’s a clear breakout below 108.76 with a big red candle and a correction to it.

Technical levels

Resistance levels

R1.109.62

R2.109.85

R3.110.32

Pivot

109.37

Support levels

S1.109.14

S2.108.89

S3.108.41

Trade signal

Long USD/JPY within 109.04-108.76 with your take profit at 111.06 and stop loss around 107.89.

101% Double the volume

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