Forex Technical Analysis: Trend potential – Buy USD/JPY within 111.82-111.61

USDJPY – Down

Buy USD/JPY within 111.82-111.61

Technical observation

The pair on the daily chart above declined steadily towards a supportive zone 111.82-111.61 but price could not penetrate below it and was rejected. Currently it is moving on an increasing bullish bias towards 114.51 and I expect a possible bullish momentum to the line. I’m looking to buy this pair right now within this zone with my take profit at 114.51 and stop loss around 110.84.Should there be a clear breach below the above mentioned zone with a big red candle, wait for a correction to it confirming possible bearish movement of price before you pick short positions towards the key line 108.73 or even lower to 106.73.

Technical levels

Resistance levels

R1.112.52

R2.112.84

R3.113.44

Pivot

112.2

Support levels

S1.111.9

S2.111.58

S3.110.96

Trade signal

Buy USD/JPY now within 111.82-111.61.

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Buy USD/JPY within 111.82-111.61

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