Technical observation
USD/JPY went up as predicted yesterday but is currently moving on a bearish momentum towards 111.82, I expect a rejection of it within the zone followed by a rise towards 114.51.I am waiting for the correction to111.82-111.61 and a bounce within it to re-buy USD/JPY with my take profit at 114.51 and stop loss around 110.68.In case of breakout above 114.51, wait for a correction to the just broken line confirming further bullish momentum of price before you continue long with this pair. Short positions may only be recommended in case of a clear breakout below the zone 111.82-111.61 with a big red candle and a retracement to it.
Technical levels
Resistance levels
R1.112.52
R2.112.84
R3.113.44
Pivot
112.6
Support levels
S1.111.9
S2.111.58
S3.110.96
Trade signal
Wait for a correction to 111.82-111.61 to re-buy USD/JPY with your take profit at 114.51 and stop loss around 110.68.
Origin: FreshForex
