Forex Technical Analysis: Trend potential – Wait for a close within (107.52-107.31)

USDJPY – Down

Wait for a close within (107.52-107.31)

Technical observation

Yesterday, USDJPY went down as predicted and is currently pulling back to the zone and I don’t expect a breakout above it but a rejection of it for bearish movements of price in the coming days. My advice, wait for a close within the zone then sell USD with your take profit at 104.64 and stop loss around 108.27.If price beaks below 104.64 continue short with USD after a correction to it.In case of a breakout above (107.52-107.31), wait for a correction to it to confirm price is on a bullish move then buy USD towards the key line 110.11, if price breaks above it continue long with USD after a correction to it.

Technical levels

Resistance levels

R1.107.52

R2.107.78

R3.108.39

Pivot

107.19

Support levels

S1.106.9

S2.106.55

S3.105.94

Trade signal

Wait for a close within (107.52-107.31) to sell USD with your take profit at 104.64 and stop loss around 108.27.

FreshForex cancels commissions!

You may check other analytical reviews on FreshForex website. Source: freshforex.com.