Forex Technical Analysis: Trend potential – Looking for a buy position towards 110.17

USDJPY – Down

Technical observation

After the breakout above the zone 107.54-107.34, USD rose steadily towards 110.17 and is still trading above this zone. Unless there’s a clear bearish breach below this zone i expect bullish movements of price towards 110.17 and even a breakout above the upper resistance .On the way upwards, key resistance lines can be seen around 110.17, 111.31 and 114.34.If the price breaks above these lines, and then it could rise even further towards the weekly resistance line 121.13.Im waiting for a correction to the just broken zone and a rebound from it to ick long positions with my take profit at 10.17.

Technical levels

Resistance levels

R1.107.84

R2.108.04

R3.108.42

Pivot: 107.68

Support levels

S1.107.45

S2.107.27

S3.106.89

Trade signal

Looking for a buy position towards 110.17

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