USDJPY – Down
Technical observation
USD did not rise as predicted but instead declined towards the key zone 111.82-111.61 and is still rallying towards it. I expect a loss of this bearish momentum within the above mentioned zone followed by possible upwards movement of price towards 114.51.Im looking to buy this pair within the zone with my take profit at 114.51 and stop loss around 110.68.In case of clear a break above 114.51, wait for a correction to it before you continue long with USD. Should there be a clear breakout below 111.61 with a big red candle, wait for a correction to it confirming possible bearish movement of USD before you sell this pair.
Technical levels
Resistance levels
R1.112.67
R2.112.82
R3.113.13
Pivot
112.57
Support levels
S1.112.36
S2.112.2
S3.111.89
Trade signal
Re-buy USD/JPY within 111.82-111.61.
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