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

USDJPY – Down

Buy USD within 111.82-111.61

Technical observation

Since its last correction to the supportive zone 111.82-111.61, the pair on the daily chart above only rose for two consecutive days and is currently rallying towards the zone 111.82-111.61,I expect a rejection of it within the zone for bullish momentum of price towards 114.51 and a possible breach above it for a further rise in price. Wait for the correction to the above mentioned zone then pick long positions within it with your take profit at 114.51 and stop loss around 110.68.Right now only long positions can be advisable for the pair on the chart above, short positions may only be ideal below 111.82-111.61 towards 108.73.

Technical levels

Resistance levels

R1.112.67

R2.112.82

R3.113.13

Pivot

112.53

Support levels

S1.112.36

S2.112.2

S3.111.89

Trade signal

Buy USD within 111.82-111.61 with your take profit at 114.51 and stop loss around 110.68.

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

Buy USD within 111.82-111.61

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