Forex Technical Analysis: Trend potential – Short USDJPY now

USDJPY – Down

Technical observation

On the daily chart above, USDJPY corrected to a resistance line 109.56 and is currently around it.Im looking to sell it now with my take profit at 107.68 and stop loss around 110.27.Right now according to the chart above I can only recommend short positions. In case price breaks above 109.56 with a big green candle, wait for a correction to it to before you enter long positions, but only buy after the second correction to the broken line just to ensure it is not a false breakout with your take profit at 111.29, if this take profit is breached, remain long with USD.Right now sell USDJPY with your take profit at 107.68.

Technical levels

Resistance levels

R1.109.64

R2.110.1

R3.110.92

Pivot

109.28

Support levels

S1.108.82

S2.108.47

S3.107.65

Trade signal

Short USDJPY now with your take profit at 107.68 and stop loss around 110.27.

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