Forex Technical Analysis: Trend potential – Wait for a breakout above 111.29

USDJPY – Down

Wait for a breakout above 111.29

Technical observation

USD/JPY yesterday went up instead of correcting to 110.15 as I had predicted, I expect a rise I price towards 111.29 and a breakout above it for a further rise in price towards 1114.34. If you bought the pair yesterday I would advise you remain in the trade and if you had not bought the pair yet, I would advise you wait for a breakout above 111.29 and a correction to it then long USD towards 114.34.Only long positions look ideal on the daily chart above and can be recommended towards 114.34.Short positions may only be ideal in case of a clear breakout below 107.31 with a big red candle and a correction to it.

Technical levels

Resistance levels

R1.109.55

R2.109.73

R3.110.1

Pivot

109.41

Support levels

S1.109.18

S2.108.98

S3.108.61

Trade signal

Wait for a breakout above 111.29 to buy USD/JPY.

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