USDJPY – Down
Technical observation
USD/JPY is rallying above a support 110.70,price broke below it recently but could not be contained then broke above it again, I expect a correction to it followed by a rejection of price at it for possible bullish momentum of price towards 111.73,Wait for the retracement to 110.70 then long USD at it with your take profit at 111.73 and stop loss around 110.37.Should there be a breach above the resistance zone 111.82-111.73 with a big green candle, wait for a correction to it before you continue long with the pair. Short positions may only be advisable below 110.70 after a correction and rejection at it.
Technical levels
Resistance levels
R1.111.04
R2.111.08
R3.111.15
Pivot
111
Support levels
S1.110.97
S2.110.92
S3.110.84
Trade signal
Wait for a correction to110.70 to long USD.
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