Technical Analysis Based on Breakout – Buy USD now

USDJPY – Down

Buy USD now

Technical observation

While on an upward trend,USDJPY retraced twice at a support zone (108.02-107.18).Currently price is at the zone and I expect a rejection at it and possible bullish momentum this week and the weeks to come towards 125.62, I would advise you long the pair now with your take profit at 117.84 and stop loss at 106.50.incase there’s a breach below this zone them I would advise you wait for a confirmation of a bearish move before you short USD, as long as the zone protects the upper side,only long positions can be advised right now towards 125.62.

Technical levels

Resistance levels

R1.111.48

R2.112.13

R3.113.42

Pivot

110.84

Support levels

S1.110.19

S2.109.54

S3.108.23

Trade signal

Buy USDJPY now with your take profit at 117.84 and stop loss at 106.50.

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