USDJPY – Down
Technical observation
Yesterday the pair USD JPY declined towards 108.55 and is currently rising towards a resistance zone (109.51-109.40),I expect a rejection of price at the zone to resell USDJPY with my take profit at 108.15 and stop loss at 109.75.If there’s a clear breakout above the resistance zone then I’ll wait for a retracement to the zone to confirm a bullish movement of price before I enter long position with my take profit at 111.29.As long as zone (109.51-109.40),protects the lower side I still expect a decline in price and I can only advise for short positions within the zone .
Technical levels
Resistance levels
R1.108.79
R2.108.85
R3.108.99
Pivot
108.74
Support levels
S1.108.65
S2.108.58
S3.108.45
Trade signal
Resell USDJPY after retracement to (109.51-109.40) with your take profit at 108.15 and stop loss at 109.75
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