USDJPY – Down
Technical observation
On the daily chart above, price went up but could not reach the resistance 113.62, right now it is pulling back to the key support zone 111.23-110.93 and I expect a bounce of it within the zone followed by possible bullish movements of USD towards 113.62 and a possible breakout above it for a further rise in USD. My advice, wait for a correction and a rejection of price within the zone 111.23-110.93 then long the pair within it with your take profit at 113.62 and stop loss slightly below 110.93, In case of a breach above 113.62, wait for a correction to it before you continue long with the pair.
Technical levels
Resistance levels
R1.112.24
R2.112.71
R3.113.93
Pivot
114.51
Support levels
S1.111.02
S2.110.27
S3.109.05
Trade signal
Wait for a correction to 111.23-110.93 to Rebuy USD/JPY.
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