Forex Technical Analysis: Trend potential – Short USD/JPY within 111.21-111.02

USDJPY – Down

Short USD/JPY within 111.21-111.02

Technical observation

The pair on the daily chart above is on a downward trend. After a breach below the support zone 111.21-111.02,price retraced to it before moving down to a support 107.80,it broke below it then retraced to it severally before breaking above it.Price then rallied up to the zone 111.21-111.02 it could not penetrate above it and was rejected then went down.Recenlty,it corrected to the zone again but was rejected and is currently rallying down towards 107.80.I expect a pull back to the zone and a rejection within it for bearish momentum of price towards 107.80.I’m waiting for a correction to 111.21-111.02 to short USD/JPY.

Technical levels

Resistance levels

R1.110.92

R2.111.17

R3.111.69

Pivot

110.65

Support levels

S1.110.4

S2.110.13

S3.109.61

Trade signal

Wait for a correction 111.21-111.02 to short USD/JPY.

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