Forex Technical Analysis: Trend potential – Place pending buy limit around 107.54-107.34

USDJPY – Down

Place pending buy limit around 107.54-107.34

Technical observation

A breakout was seen recently when price broke out above 107.54-107.34 and is currently above it.Price is still rallying up but I expect a pullback to the broken zone and a clear rebound from it to pick long position with an ultimate target at 110.17.If price breaks above 110.17, I expect a further rise in price towards 114.03.As long as the price is above 107.54 I’m waiting for a clear buy signal .The ideal Is to place a pending buy limit around 107.54-107.34 with your atop loss way below 106.56 and take profit at 110.17.Only sell if the price clearly breaks below 107.34 with a big red candle and corrects to it.

Technical levels

Resistance levels

R1.107.84

R2.108.04

R3.108.42

Pivot:107.66

Support levels

S1.107.45

S2.107.27

S3.106.89

Trade signal

Place a pending buy limit order around 107.54-107.34 with your stop around 106.56 and take profit at 110.17.

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