USDJPY – Down
Technical observation
USD/JPY broke above a key resistance zone 111.23-110.93 with a big green candle, price then went up before pulling back to the just broken zone, right now it is within it and I expect rejection of it from the zone for possible bullish momentum towards 113.64 and a breakout above it for a further rise in price. My advice, buy USD within 111.23-110.93 with your take profit at 113.64 and stop loss slightly below 110.93.In case of a breakout above 113.64 wait for a correction to it before you continue long with the pair. Short positions may only be recommended in case of a clear breakout below 110.93 with a big red candle.
Technical levels
Resistance levels
R1.111.06
R2.111.19
R3.111.43
Pivot
110.96
Support levels
S1.110.83
S2.110.72
S3.110.49
Trade signal
Buy USD within 111.23-110.93 with your take profit at 113.64 and stop loss slightly below 110.93.
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