Forex Technical Analysis: Trend potential – Wait for a pullback to 110.14

USDJPY – Down

Technical observation

USD/JPY Broke above a resistance zone 107.68-107.31,it did not correct to the broken zone but instead it rose steadily towards a resistance line 110.14.Last week, price broke above 110.14 with a big green candle and is still above it rising towards the resistance line 114.28.I expect a correction of price to the just broken line for possible bullish momentum towards the resistance line 114.28 and a breakout above it for a further rise in price towards 121.13.I would advise you wait for a correction to 110.14 then buy USD around it with your take profit at 114.28 and stop loss around 108.22.Only long positions can be recommended.

Technical levels

Resistance levels

R1.111.49

R2.112.22

R3.114.1

Pivot

110.35

Support levels

S1.109.61

S2.108.47

S3.106.6

Trade signal

Wait for a pullback to 110.14 to buy USD with your take profit at 114.28 and stop loss around 108.22.

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