USDJPY – Down
Technical observation
The pair on the 4hour chart above broke above a resistance zone 111.79-111.72 with a big green candle before rallying up. Currently price is correcting to the just broken zone and I expect nothing but a rejection of it within the zone for possible bullish momentum towards the resistance 112.53.Wait for the correction to 111.79-111.72 and a rejection at it then pick long position within it with your take profit at 112.53 and stop loss around 111.39.Should there be a breakout above 112.53, wait for a correction to it confirming a further rise in price before you continue long with the pair .
Technical levels
Resistance levels
R1.111.04
R2.111.08
R3.111.15
Pivot
111
Support levels
S1.110.97
S2.110.92
S3.110.84
Trade signal
Wait for a correction to 111.79-111.72 to buy USD.
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