USDJPY – Down
Technical Observation:
Recently, USD dropped drastically but failed to penetrate the weekly support line seen at 108.62, while this line protects the lower side, I choose to remain bullish on this pair. My expectations is that Usd should continue to rise towards 114.64 or even higher. On the way upwards, the key lines to look for include 111.10, 113.00 and 114.64, a break above the last line will push the price further upwards towards 118.70 or even higher. If the price should go below 108.62, then a decline towards 104.25 is expected.
Technical Levels
Resistance levels
R1: 110.97
R2: 111.76
R3: 113.84
Pivot
109.69
Support Levels
S1: 105.54
S2: 107.62
S3: 108.89
Trade Signal
Remain long towards 114.64
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