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

USDJPY – Down

Buy USD within 112.69-112.60

Technical observation

USD/JPY is declining steadily towards the support 112.69-112.60 and my expectation is a rejection of it within the above mentioned zone for possible bullish momentum towards 113.38 and a possible breakout above it for a further rise in price towards the highest resistance 114.54.Im looking to buy USD within the 112.69-112.60 with my take profit at 113.38 and stop loss slightly below 112.60.Short positions may only be recommended below 112.60 in case of a clear penetration below it with a big red candle and a correction to it more than once. Right now only long positions look ideal and can be advisable within 112.69-112.60.

Technical levels

Resistance levels

R1.112.02

R2.112.07

R3.112.18

Pivot

111.102

Support levels

S1.111.91

S2.111.84

S3.111.73

Trade signal

Buy USD within 112.69-112.60 with my 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 within 112.69-112.60

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