USDJPY – Down
Technical observation
The pair on the daily chart above is on an upward trend. Price is currently rallying towards the supportive zone 111.82-111.41, I expect a bounce within it for possible bullish movement of USD towards 114.51, and a possible breach above it for a further rise in price. I would advise you wait for the correction to the zone then pick long positions within it with your take profit at 114.51 and stop loss slightly below 111.41.In case of a clear breakout below 111.41 with a big red candle, wait for a correction to it confirming possible bearish movement of price before you pick short positions towards the supportive line 108.73.
Technical levels
Resistance levels
R1.112.67
R2.112.82
R3.113.13
Pivot
112.51
Support levels
S1.112.36
S2.112.2
S3.111.89
Trade signal
Buy USD/JPY within 111.82-111.41 with your take profit at 114.51 and stop loss slightly below 111.41.
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You may check other analytical reviews on FreshForex website. Source: freshforex.com.