USDJPY – Down
Technical observation
USD/JPY rose steadily towards the line114.14 and is currently rallying below it, I expect either a rejection of it at the lien followed by a correction to the zone 111.96-111.83 to re-buy USD, or a clear breakout above it followed by a retracement to it for possible bullish momentum. In case price is rejected at 114.14, wait for the correction to 111.96-111.83 to re-buy USD, and in case of a breakout above the line, wait for a retracement to it confirming bullish momentum of price before you pick long positions. Short term traders can pick short position at 114.14 after a rejection at it towards the line 111.96.
Technical levels
Resistance levels
R1.113.84
R2.113.98
R3.114.38
Pivot
113.57
Support levels
S1.113.43
S2.113.17
S3.112.76
Trade signal
Wait for a close at 114.14
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