Forex Technical Analysis: Trend potential – Buy USD/JPY within 111.23-110.93

USDJPY – Down

Buy USD/JPY within 111.23-110.93

Technical observation

Yesterday, USD/JPY pulled back to the support zone 111.23-110.93, it was rejected and could not penetrate below it. Currently it is moving up and I expect a rise towards 113.62 and a possible breakout above it for a further rise in USD.Long the pair within the zone with your ideal target at 113.62 and stop loss slightly below 110.93, in case of a breakout above 113.62, wait for a correction to it before you continue long with USD. Short positions may only be recommended in case there’s a clear breach below 111.23-110.93 with a big red candle followed by correction to it.Right now, wait and long USD within 111.23-110.93.

Technical levels

Resistance levels

R1.112.24

R2.112.71

R3.113.93

Pivot

114.53

Support levels

S1.111.02

S2.110.27

S3.109.05

Trade signal

Buy USD/JPY within 111.23-110.93 towards 113.62.

Do you know against which currencies JPY is the most profitable?

Buy USD/JPY within 111.23-110.93

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