Forex Technical Analysis: Trend potential – Buy USD/JPY within 112.69-112.60

USDJPY – Down

Buy USD/JPY within 112.69-112.60

Technical observation

USD/JPY was not rejected within the resistance zone 112.69-112.60 as i predicted yesterday but instead it penetrated above it with a big green candle and is still rallying there. The current candle is moving on an increasing bearish momentum towards 112.69-112.60 and I expect a loss of this momentum within it for possible upwards movements towards 113.38.Im looking to pick long positions within the above mentioned zone with my take profit at 113.38 and stop loss slightly below 112.60.On the 4 Hour chart above only long positions may be advisable within 112.69-112.60 towards the key resistance line 113.38.

Technical levels

Resistance levels

R1.112.02

R2.112.07

R3.112.18

Pivot

111.100

Support levels

S1.111.91

S2.111.84

S3.111.73

Trade signal

Buy USD/JPY within 112.69-112.60 with your take profit at 113.38 and stop loss slightly below 112.60.

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

Buy USD/JPY within 112.69-112.60

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