Technical Analysis Based on Breakout – Remain short

USDJPY – Down

Remain short

Technical observation

USD has been on a bearish move for the past weeks and the bearish momentum could still be strong, I expect price to retrace to the resistance zone (109.51-109.40) then resell USDJPY with my take profit at 108.43 and my stop loss at 109.74.If there’s a clear breakout above the resistance zone with a big green candle then I advise you wait for a retracement to the zone to confirm a bullish move before you enter long positions with your take profit at 111.29 and stop loss at 109.20,as long as USD remains below the resistance zone only short positions are ideal.

Technical levels

Resistance levels

R1.108.79

R2.108.85

R3.108.99

Pivot

108.72

Support levels

S1.108.65

S2.108.58

S3.108.45

Trade signalResell USDJPY after retracement to (109.51-109.40 with your take profit at 108.43 and stop loss at 109.74.

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