USD/JPY Forecast. Remain long

jy-l6Technical observation

On the daily chart above, US dollar went up as predicted against the Japanese Yen and I still expect a rise in price of the dollar towards 114.53.If you picked long positions yesterday within the key support zone 111.82-111.61, remain long with your take profit at 114.51 and stop loss around 110.68.Should there be a clear breach above 114.52 with a big green candle, wait for a correction it confirming further rise in price before you continue long with this pair. Only buy positions look ideal and can be recommended on the chart above. Short positions may only be advisable in case of a clear breakout below the zone 111.82-111.62.

Technical levels

Resistance levels

R1.112.52

R2.112.84

R3.113.44

Pivot

112.4

Support levels

S1.111.9

S2.111.58

S3.110.96

Trade signal

Remain long.

Remain long

Origin: FreshForex

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