USDJPY – Down
Technical observation
A clear breakout was seen recently when price went above the resistance 112.53 with a big green candle and is still rising. I expect a correction to the just broken line followed by a bounce at it for possible bullish momentum towards 113.18 and a possible breakout above it for a further rise in price. Wait for a the pullback to 112.53 and a rejection at it then long positions with your take profit at 113.18 and stop loss around 112.28.Should there be a breakout above 113,.18,wait for a correction to it confirming a further rise in USD before you continue long with the pair. Only long positions can be recommended on the chart above.
Technical levels
Resistance levels
R1.111.02
R2.112.03
R3.112.07
Pivot
111.107
Support levels
S1.111.97
S2.111.95
S3.111.91
Trade signal
Wait for a correction to 112.53.
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